New Delhi: Billionaire Tesla CEO Elon Musk reaches a deal to acquire Twitter for approximately $44 billion on Monday. The deal was approved by the company’s board and is expected to be completed by the end of 2022, as per a Bloomberg report.
Investors will receive $54.20 for each Twitter share they own, the company said in a statement on Monday.
The Twitter takeover deal comes a few weeks after Musk’s emergence as the platform’s largest shareholder on April 4. Musk declared his intentions of buying the microblogging platform in a $43 billion takeover bid on April 14.
As the deal is struck, it ends Twitter's run as a public company since its 2013 initial public offering.
“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 announcing the deal on Monday.
“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it."
In a statement, Bret Taylor, Twitter’s chairman, said the board had “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.”