After weeks of back and forth between tech giant Twitter and the CEO of Tesla, it's nearly official: Elon Musk will own Twitter dot com pending any setbacks. With a final bid of $44 billion at a cost of $54.20 per share, Musk and Twitter have "entered into a definitive agreement" that would give him control of the social media app, turning it into a privately held company.
"The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing,” Bret Taylor, Twitter's Independent Board Chair said in a statement. “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders."
Elon Musk had planned to buy Twitter on April 13 at $54.20 per share after announcing the acquisition of a 9.2% stake in the company, according to The Verge and other multiple reports. But after the company offered Musk a seat on the board, the deal fell apart, with reports suggesting that the sale of Twitter to Musk had fallen through entirely. But now, more than 10 days later, the two parties have come to an agreement.
It's unclear exactly what Musk has planned for the site, but the Tesla CEO has been vocal on his personal Twitter account – which has a following of more than 83 million – about potential changes to the app. An "edit" button appears to be a high priority, as well as implementing changes to Twitter Blue, and accepting forms of Cryptocurrency as payment.
Musk, in his most recent tweet ahead of the official announcement, says: "I hope that even more worst critics remain on Twitter, because that is what free speech means".
Source: Twitter Inc.