Yesterday, Twitter announced the approval of Tesla CEO Elon Musk's bid to buy the company for $44 billion, and Bloomberg was the first to report early Monday that a deal was imminent between the two parties.
Two weeks ago, Elon Musk offered to buy Twitter for $54.20 per share, and after weeks of speculation and various reports, Twitter and Musk agreed, today it is settled on a $44 billion deal. Earlier reports indicated that Twitter's board was concerned that Musk's offer would reduce the company's value by the time the company reports its second-quarter earnings later this week.
Prior to his offer to buy the platform, Elon Musk bought 9.2% of the company after heavy criticism leveled at Twitter. After buying his stake, Musk was ready to join the company's board of directors to try to make changes he said would boost "freedom of speech", but Twitter CEO Parag Agrawal unexpectedly announced that Musk would not join the board.
In a statement, Musk said he wants to make Twitter "better than ever" with new features that will defeat spam bots and authenticate all humans. Elon Musk said:
“Freedom of expression is the bedrock of a functioning democracy, and Twitter is the digital city arena where matters vital to the future of humanity are discussed,” “I also want to make Twitter better than ever by improving it with new features, making open source algorithms to increase trust, and defeating mail bots.” Random, all people validating, Twitter has a lot of potential, and I look forward to working with the company and the community of users to make it possible.”
When Elon Musk's acquisition of Twitter is completed, it will become a private company, and the entire transaction is expected to close this year, subject to approval by Twitter shareholders, receipt of applicable regulatory approvals, and other usual closing conditions being met.
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