The announcement ends a weeks-long saga Musk kicked off when he offered to buy the company at $54.20 per share, his "best and final."
Highlights
- Twitter’s board accepts an offer from billionaire Elon Musk to buy the social media company and take it private.
- The cash deal at $54.20 per share is valued at around $44 billion.
- Twitter’s stock closed up 5.64% for the day after it was halted for the news.
- The announcement ends a weeks-long saga Musk kicked off when he disclosed a large stake in the company.
- Critics are justifiably concerned that the billionaire’s control over the platform will result in the silencing of their voices and others with whom he may disagree.
- The billionaire’s interest in Twitter comes from his frequent use of the platform to share jokes, engage with his 83.6 million followers.