Elon Musk reached an agreement to acquire Twitter Inc (TWTR.N) for $44 billion in cash on Monday, transferring control of the social media network used by millions of users and world leaders to the world’s wealthiest person.
It is a watershed moment for the 16-year-old firm, which has grown to become one of the world’s most significant public squares but is now confronted with a slew of obstacles.
Negotiations regarding the purchase, which seemed doubtful last week, intensified over the weekend when Musk wooed Twitter shareholders with specifics about the project’s funding.
Twitter began negotiations with Musk to acquire the firm at the suggested $54.20 per share price under duress.
“Free speech is the core of a functional democracy, and Twitter serves as the digital town square for debating issues critical to humanity’s future,” Musk said in a statement.
Following the announcement, Twitter’s shares increased by nearly 6%.