Twitter's board at first enacted an anti-takeover measure known as a poison pill. But when Elon Musk outlined the financial commitments he'd lined up to back his offer of $46.5 billion — and no other bidders emerged — the board opened negotiations with him.
Billionaire Elon Musk has reached an agreement to acquire Twitter for approximately $44 billion, the company said. The outspoken Tesla CEO, the world's wealthiest person, has said he wants to buy Twitter because he thinks it's not living up to its potential as a platform for "free speech."Twitter said it will become a privately held company after the sale is closed.
"Twitter has a purpose and relevance that impacts the entire world," its CEO Parag Agrawal said in a tweet. "Deeply proud of our teams and inspired by the work that has never been more important," Agrawal said.