Two weeks ago, Elon Musk offered to buy Twitter for $54.20 per share. Twitter and Musk, following weeks of speculation and public drama, agreed today to the $44 billion deal. Earlier reports indicated that Twitter’s board was concerned that Musk’s offer would be undervaluing the company by the time the social-media giant announces its Q2 earnings later this week.
Before his offer to outright purchase the platform, Musk purchased 9.2% of the company following heavy criticism of Twitter, on Twitter. Following his share purchase, Musk was poised to join the company’s board to try and enact changes he said would promote “freedom of speech,” but Twitter’s CEO, Parag Agrawal, unexpectedly announced that Musk would no longer be joining the board.
In a statement, Musk said that he wants to make Twitter “better than ever” with new product features that will defeat spam bots and authenticate all humans.