Twitter set to change after Elon Musk clinches $44bn buyout
Twitter’s board has accepted a buyout offer from Elon Musk, the company announced on Monday. Musk has taken total control of Twitter after clinching a deal worth US$54.20 per share or $44 billion in total.
Twitter shares rose 5.7 per cent on Monday to close the day at $51.70.
Acquisition talks accelerated over the weekend after Musk convinced shareholders with the financing details of his offer.
Twitter will become a private company on completion of the deal, which requires approval from shareholders and regulators.
Musk's primary interest in Twitter is driven by his passion for free speech and dislike of censorship.
"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 tweeted after clinching the deal.
He wants user-friendly tweaks to the service and has vowed to eradicate "spam bots".
“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,” Musk said.