The company announced on Monday that it had agreed to be bought by Musk and his company.
Upon closing the proposed transaction, stockholders will be paid $54.20 in cash for each share of common stock they own, according to a press release.
The company will become a privately held company after the transaction is completed.
The board conducted a thoughtful and comprehensive process to assess the proposal with a focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for the stockholders.
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The CEO of the micro-blogging site said that it has a purpose and relevance that impacts the entire world. We are proud of our teams and inspired by their work.
The board of directors of the social media platform met on Sunday morning to discuss Musk's offer to buy the platform. The renewed interest came after Musk announced that he had secured $46.5 billion in financing for his bid.
The news comes a week after it was reported that he was considering a poison pill to block his takeover.
Musk offered to buy all of the common stock of the company for $54.20 per share. In a letter to the SEC, Musk stated that he had bought a 9.2% stake in the company and that it had the potential to be a platform for free speech around the globe. He warned that he would have a Plan B if his offer was not accepted.
The deal was made on Monday and Musk hoped that his worst critics would stay on the social networking site.
Musk said in the press release 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.
I want to improve the product with new features, make the system open source to increase trust, and make it possible to authenticating all humans. I look forward to working with the company and the community of users to unlock it, Musk said.
There is a lot of speculation as to what the new Twitter will look like.
The writer of the Big Technology newsletter said that he shouldn't discount the possibility of a paid subscription for the service. He can make money by allowing for free speech, less incentive for bots, and less incentive for trolling.
Shortly after Musk said he wanted to buy Twitter, he said during a Ted Talk.
If there is doubt, let the speech exist. If it's a grey area, I would suggest that you don't promote it in a case where there is a lot of controversy.
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