Social media Twitter’s board has accepted an offer from American billionaire Elon Musk to acquire the social media company and take it private, the company announced Monday.
The stock was halted due to the news but was up over 6% once it resumed trading.
“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 statement included in the press release announcing the $44 billion deal.
“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the 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,” he added.
Twitter announced that:
“Twitter, Inc. (NYSE: TWTR) today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.”
Twitter plans to release its first-quarter fiscal year 2022 results before the market open on April 28, 2022. In light of the pending transaction announced on Monday.
Twitter will not hold a corresponding conference call.