San Francisco/IBNS: In a major announcement, Twitter Inc. Monday accepted Tesla CEO Elon Musk’s nearly $44 billion takeover offer, a deal ranked as one of the biggest-ever leveraged buyouts of a listed company.
Twitter announced the $54.20-per-share deal after holding a major meeting with its shareholders on Monday.
This comes after Musk had reportedly made his “best and final” offer for the micro-blogging platform.
Soon after the announcement, Twitter CEO Parag Agrawal posted: “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”
Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important. https://t.co/5iNTtJoEHf— Parag Agrawal (@paraga) April 25, 2022
Musk earlier said Twitter needs to be taken private to grow and become a genuine platform for free speech.
In a significant tweet before the deal was finalized, Elon Musk wrote: “I hope that even my worst critics remain on Twitter, because that is what free speech means.”
I hope that even my worst critics remain on Twitter, because that is what free speech means— Elon Musk (@elonmusk) April 25, 2022
Before the deal, Musk owned 9.1 per cent stake in Twitter and was the platform’s second-biggest shareholder.
Twitter had previously invited Musk to join its board of directors, but the SpaceX head declined.