SAN FRANCISCO (KNX) — Twitter’s board has officially accepted Tesla founder Elon Musk’s reported $43 billion deal to buy the social media network and make it a private company, Twitter confirmed Monday.
Musk has agreed to pay $54.20 per share and will personally put up most of the money, with the remaining financing provided by Morgan Stanley. The tech entrepreneur had told the company it was his "best and final" offer.
It comes after several weeks of back and forth after financial filings revealed Musk held a majority 9% shares of the company. He then quickly declined an offer to join the company's board.
It's unclear who will lead the company forward under Musk's ownership. The SpaceX founder has repeatedly criticzed current CEO Parag Agrawal.
The takeover will likely face criticism from those opposed to Musk's casual stance on content moderation.
Former President Donald Trump, who was removed from Twitter for inciting the January 6 insurrection at the U.S. Capitol, told Fox News Monday he would not return to using the social media platform, even after Musk takes control.
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