The board of Twitter approved Elon Musk's takeover bid. For a price of $44 billion (€41 billion), Musk will take the company private, ending its run as a public company since its 2013 initial public offering.
Under the deal, shareholders will reportedly receive $54.20 per share. The deal is expected to close this year. The price is a 38% premium on Twitter's closing price on April 1, just before Musk announced a 9% stake in the company.
The chief executive of SpaceX and Tesla took a major stake in the social media firm earlier this month before making a formal purchase offer. Musk said he had lined up about $46.5 billion (€43.4 billion) in financing.
"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," the world's richest man said in a joint statement with Twitter. "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."
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