Elon Musk bought Twitter.
Twitter has accepted Elon Musk’s offer to buy the company, the company announced on Monday.
This is a dramatic development for the billionaire as he seeks to unlock the “extraordinary potential” of the social network.
Musk will pay $ 54.20 per share for Twitter, which matches his original offer, totaling $ 44 billion.
The two sides met on Sunday after Twitter executives chose to reconsider Musk’s original offer, several media outlets reported, as he secured about $ 46 billion in funding to support the deal.
The Twitter board initially resisted Musk’s attempt to buy the company.
They created a defense to block attempts at “a hostile purchase” after Musk turned down an offer for a seat on the board in exchange for limiting his maximum investment.
The deal puts Tesla chief executive at the helm of a company with 217 million users and an influential role in shaping the political and media agenda on both sides of the Atlantic.
The deal is not expected to face serious scrutiny by U.S. competition authorities because Musk’s main business interests – an electric car company, the SpaceX rocket business and the Boring Company firm – do not compete with Twitter.