San Francisco, United States — Twitter on Monday
confirmed it is selling the platform to billionaire entrepreneur
Elon Musk in a
deal valued at $44 billion.
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The sale was a dramatic shift for the board, which had
originally maneuvered to block Musk from taking the social media network
private.
"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 joint statement announcing
the takeover.
Musk had taken a major stake in the firm earlier this
month before lining up last week some $46.5 billion in financing to push
forward with the purchase.
Twitter board chair Bret Taylor said the body
"conducted a thoughtful and comprehensive process to assess Elon's
proposal with a deliberate focus on value, certainty, and financing,"
according to the statement.
"The proposed transaction will deliver a
substantial cash premium, and we believe it is the best path forward for
Twitter's stockholders."
The polarizing
Tesla chief's campaign to buy the
social media giant sparked concern that his unpredictable statements and
alleged bullying are contradictory to his stated aims for the platform.
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