Twitter is on its way to become a privately held company as Elon Musk has reached an agreement to buy Twitter for roughly $44 billion on Monday.
“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 tweet.
Twitter on Tuesday announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk
for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, T
witter will become a privately held company.
The deal was cemented roughly two weeks after the billionaire first revealed a 9% stake in the platform.
Musk said last week that he had lined up $46.5 billion in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal.
Twitter said Musk secured $25.5 billion of debt and margin loan financing and is providing a $21 billion equity commitment.
Twitter said the transaction was unanimously approved by its board of directors and is expected to close in 2022, pending regulatory sign-off and the approval of shareholders.
Shares of Twitter Inc. rose more than 5% Monday to $51.70 per share.