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Twitter deal

Twitter accepts Elon Musk's $44 billion buyout deal

| @indiablooms | Apr 26, 2022, at 06:20 am

San Francisco/IBNS: In a major announcement, Twitter Inc. Monday accepted Tesla CEO Elon Musk's nearly $44 billion takeover offer, a deal ranked as one of the biggest-ever leveraged buyouts of a listed company.

Twitter announced the $54.20-per-share deal after holding a major meeting with its shareholders on Monday.

This comes after Musk had reportedly made his "best and final" offer for the micro-blogging platform.

Soon after the announcement, Twitter CEO Parag Agrawal posted: "Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important."

Musk earlier said Twitter needs to be taken private to grow and become a genuine platform for free speech.

In a significant tweet before the deal was finalised, Elon Musk wrote: "I hope that even my worst critics remain on Twitter, because that is what free speech means."

Before the deal, Musk owned 9.1 per cent stake in Twitter and was the platform's second-biggest shareholder.

Twitter had previously invited Musk to join its board of directors, but the SpaceX head declined.

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