Twitter announced on Monday that it is selling the social media site to $44 billion businessman Elon Musk.
The board, which had initially acted to prevent Musk from taking the social media network private, underwent a major change with the sale.
In a joint statement announcing the takeover, Musk stated that “free expression is the cornerstone of a healthy democracy, and Twitter is the digital town square where issues crucial to the future of humanity are debated.
Earlier this month, Musk purchased a significant amount of stock in the company. Last week, he secured $46.5 billion in financing to move forward with the acquisition.
Bret Taylor, the head of the Twitter board, reportedly stated that the group “conducted a thoughtful and exhaustive process to analyze Elon’s proposal with a deliberate focus on value, certainty, and funding.”
We think the proposed transaction is the best course of action moving forward for Twitter’s stockholders because it will result in a sizable cash premium.
Concern has been raised over the divisive Tesla CEO’s bid to acquire the dominant social media company due to concerns that his erratic remarks and claims of bullying run counter to his professed objectives for the platform.
Source: AFP