Twitter is set to become a privately held company as the social media giant has accepted the $54.2 per share buy offer from Elon Musk, the CEO of Tesla.
According to a recent press release, as soon as the transactions are complete, Twitter will be valued at $44 billion in cash.
This development comes weeks after the billionaire had purchased a 9.2% stake in the company at $2.98 billion.
Musk said his intention for the buyout is to make Twitter better, promote democracy through free speech and enhance more features.
The statement quoted Musk:
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated. I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans.
Similarly, Twitter’s independent board chair, Bret Taylor, said, “The Twitter board conducted a comprehensive process to access Musk’s proposal with a deliberating focus on value, certainty and financing.”
Meanwhile, the price of Dogecoin has surged 20% since the news of the acquisition began going viral and is currently trading at $0.164.
DOGE/USD 24-hour trading chart (Source: tradingview.com)