The deal was shaken upon on Monday following weeks of speculation about Twitter’s future after Elon Musk’s emergence as the platform’s largest single shareholder on 4 April. On 14 April, Musk announced a takeover bid, offering $54.20 per share in the social media giant.
Though initially opposed to the takeover, Twitter’s board warmed to the idea after Musk announced a funding package for the deal, which includes $21 billion of his own money and debt funding from banking giant Morgan Stanley.
Twitter will now join Musk’s collection of companies, which include Tesla, SpaceX, and The Boring Company.
In a tweet that followed confirmation of the deal being accepted, Musk wrote, “I want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating spam bots, and authenticating all humans. Twitter has tremendous potential - I look forward to working with the company and the community of users to unlock it.”
