Twitter accepts buyout, giving Elon Musk total control of the company

Illustration by Kristen Radtke / The Verge; Getty Images

The company announced in a press release that it had accepted Musk's offer to purchase it. The company was purchased by Musk at the same price as his initial offer.

Musk said in a statement that free speech is the bedrock of a functioning democracy and that the digital town square is where matters vital to the future of humanity are debated.

The deal was applauded by the CEO of the company.

In an SEC filing on Thursday, Musk outlined his plan for funding the deal, which included loans and personal equity. It is thought that the loans could cost the company as much as $1 billion a year in servicing fees.

Shortly after Musk announced his plan to take the company private, the board of the company instituted a poison pill. It's not clear what led to the company's change of heart. The New York Times reported on Monday that employees of the social media company were divided by the news.

It is not clear what impact Musk will have on the micro-blogging site. When he first disclosed his 9.2 percent stake in the micro-messaging service, he asked users if they wanted a button. He suggested nixing ads from the social network, as well as lowering the price of the subscription.

Musk has been outspoken in his criticism of the moderation of the platform, describing himself as a free speech absolutist and raising concerns over how the platform would moderate under his control.

On April 14th, Musk offered to buy the company for $54.20 per share. The offer was made after Musk disclosed that he had acquired a 9.2 percent stake in the company. At one point, Musk was offered a seat on the company's board of directors, but the deal fell apart as a seat on the board would prevent him from buying more than a 14.9% stake in the company.