It’s occurring: Elon Musk strikes deal to purchase Twitter for $44 billion

Elon Musk standing and gesturing with his hands while he speaks at a press conference.

Enlarge / Elon Musk at a press convention at SpaceX’s Starbase facility in Texas on February 10, 2022. (credit score: Getty Pictures | Jim Watson)

Twitter’s board of administrators has agreed to promote the corporate to Elon Musk for $44 billion, the corporate introduced Monday.

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital city sq. the place issues very important to the way forward for humanity are debated,” Musk mentioned within the buy announcement. “I additionally need to make Twitter higher than ever by enhancing the product with new options, making the algorithms open supply to extend belief, defeating the spam bots, and authenticating all people. Twitter has large potential—I look ahead to working with the corporate and the neighborhood of customers to unlock it.”

The deal, pending shareholder approval and anticipated to shut later this yr, comes simply 10 days after the Twitter board accredited a poison capsule to stop a hostile takeover in response to Musk’s try to purchase the corporate. Board members began taking Musk’s supply extra severely after he lined up $46.5 billion in financing. The sale settlement was introduced hours after experiences {that a} deal between Twitter and Musk was shut.

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