Elon Musk acquired Twitter for $44 billion on Monday, the company announced, giving the world’s richest person control of one of the most influential social media sites, conversation sharing platform for political leaders, a broadcasting platform for experts across industries, and an information hub for millions.
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Discussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer.
Under pressure, Twitter started negotiating with Musk to buy the company at the proposed $54.20 per share price.
Musk, chief executive of electric car giant Tesla Inc (TSLA.O), has been meeting with Twitter shareholders in the last few days, seeking support for his bid. He has said Twitter needs to be taken private to grow and become a genuine platform for free speech.
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement.
Twitter’s shares were up about 6% following the news.
