The sale represents a significant turnaround for the board, which had previously attempted to prevent Musk from acquiring Twitter.
SAN FRANCISCO (KGO) – Twitter announced on Monday that it is offering the platform for $44 billion to billionaire entrepreneur Elon Musk.
The sale represented a significant change for the board, which had previously tried to prevent Musk from taking the social media network private.
In a joint statement announcing the takeover, Musk said, “Free expression is the backbone of a healthy democracy, and Twitter is the digital town square where subjects crucial to the future of humanity are debated.”
Musk had purchased a significant share in the company earlier this month before securing $46.5 billion in funding last week to help it move forward the purchase.
As per the announcement, Twitter board chair Bret Taylor stated the organisation "conducted a thoughtful and exhaustive process to analyse Elon's proposal with a strategic focus on value, certainty, and finance."
"We believe the proposed transaction will provide a significant cash premium to Twitter's investors, and we believe it is the best path ahead for Twitter's owners."
The contentious Tesla CEO's bid to buy Facebook has raised concerns that his erratic outbursts and alleged bullying run counter to his declared goals for the network.
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