“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,” Musk shared in a statement on Twitter. “Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”
Under the agreement’s terms, Musk’s purchase of the app will allow it to become private. In addition, “shareholders will receive $54.20 USD in cash for each share of Twitter stock they own,” as per CNN. This marks a “38% premium over the stock price” the day prior to Musk announcing he became a shareholder.
According to reports, the deal will be finalized this year. “Twitter has a purpose and relevance that impacts the entire world,” Twitter’s CEO Parag Agrawal said. “Deeply proud of our teams and inspired by the work that has never been more important.”