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Sunday May 22, 2022

Twitter confirms sale of company to Elon Musk for $44bn

Sale is a dramatic shift for the board, which had originally manoeuvred to block Musk from taking Twitter

By AFP
April 26, 2022
In this file photo taken on March 9, 2020, Elon Musk, founder of SpaceX, speaks during the Satellite 2020 at the Washington Convention Center in Washington, DC. — AFP
In this file photo taken on March 9, 2020, Elon Musk, founder of SpaceX, speaks during the Satellite 2020 at the Washington Convention Center in Washington, DC. — AFP

SAN FRANCISCO: Twitter on Monday confirmed it is selling the platform to billionaire entrepreneur Elon Musk in a deal valued at $44 billion.

The sale was a dramatic shift for the board, which had originally manoeuvred 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.