Twitter has revealed that the social media company will be sold to Tesla titan Elon Musk for around $44bn.
Mr Musk will pay $54.20 cash per share for the San Francisco-based company, which will now be taken private after days of intense negotiations between the entrepreneur and the platform’s board
“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,”said Parag Agrawal, Twitter’s CEO.
“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders,” said Bret Taylor, Twitter’s Independent Board Chair.
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