On Monday, April 25, Twitter confirmed it is selling its platform to world richest billionaire, Elon Musk for a deal worth $44 billion.
The sale was a dramatic shift for the board which had originally maneuvered to block Musk from taking over the social media network.
Billionaire Musk had made an unsolicited bid for the world famous media company, offering to buy its shares for $54.20 a unit which is higher than the $40 it had been selling.
However, after rejecting the offer and trying to thwart billionaire Musk’s takeover attempt with a “poison pill” — a financial device that companies have been wielding against unwelcome suitors for decades, it became clear on Monday that the company has considered selling itself to world richest man, Elon Musk.
“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.
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 billionaire, who has more than 83 million followers on Twitter and has romped across the service hurling gibes and memes, has repeatedly said he wants to “transform” the platform by promoting more free speech and giving users more control over what they see on it.
