Washington: The board of Twitter has agreed to a 44 billion dollar (£34.5bn) takeover offer from billionaire entrepreneur Elon Musk.
The CEO of Tesla made the shock bid earlier this month, claiming that he was the right person to “unlock” the micro-blogging site’s “extraordinary potential”.
Musk had suggested a series of changes, right from relaxing its content restrictions to doing away with fake accounts. Twitter initially rebuffed Musk’s bid, but as per a BBC report, it will now ask shareholders to vote to approve the deal.
Musk is a South African National, ranked by Forbes magazine as the world’s richest man with an estimated net worth of 273.6 billion dollars.
Speaking about the deal, Twitter’s Independent Board Chair Bret Taylor said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate 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 Twitter’s stockholders.”
Twitter’s CEO Parag Agrawal said, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”