Twitter on Monday confirmed it is selling the platform to
billionaire entrepreneur Elon Musk in a deal valued at $44 billion.
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 statement announcing the takeover.
Musk had taken a major stake in the firm earlier this month
before lining up last week some $46.5 billion in financing to push forward with
the purchase.
Twitter board chair Bret Taylor said the body “conducted a
thoughtful and comprehensive process to assess Elon’s proposal with a
deliberate focus on value, certainty, and financing,” according to the
statement.
“The proposed transaction will deliver a substantial cash
premium, and we believe it is the best path forward for Twitter’s
stockholders.”
The polarizing Tesla chief’s campaign to buy the social
media giant sparked concern that his unpredictable statements and alleged
bullying are contradictory to his stated aims for the platform.
AFP
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com