Twitter has accepted Elon Musk’s nearly $44 billion takeover offer, which represents one of the largest leveraged buyouts of a publicly traded company in history.
In the wake of a meeting with its shareholders, Twitter announced the $54.20-per-share acquisition. The acquisition was announced just four days after Musk unveiled a financing package to support the transaction.
Elon Musk, a self-described “free speech absolutist,” has expressed dissatisfaction with Twitter’s business practises. He has stated that Twitter must be taken private in order to grow and develop into a genuine platform for free expression.
This week, Elon Musk, a 50-year-old entrepreneur who also happens to be the CEO of rocket developer SpaceX, stated that he wants to combat trolls on social media and proposed changes to the Twitter Blue premium subscription service, including lowering its price and banning advertising.
The billionaire, who is a vocal supporter of cryptocurrencies, has also suggested that dogecoin be added as a payment option on the social media platform Twitter.