Twitter on Monday confirmed it is selling the platform to billionaire entrepreneur Elon Musk in a deal valued at $44 billion, Njenje Media News reports.
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 release announcing the takeover.
In the terms of the agreement, Twitter will upon the completion of the transaction, become a privately held company, with the stockholders of the company receiving $5420 in cash for each share of Twitter common stock that they own upon dosing of the proposed transaction.
Musk, the wealthiest man in the world according to Forbes few weeks ago bought a 9.2 percent in the Jack Dorsey founded company, effectively making him the largest shareholder of the social media company.