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Elon Musk To Buy Twitter For $44 Billion

Mumbai: Twitter has accepted the world’s richest man Elon Musk’s bid to take over the social media company.

It entered into a definitive agreement to be acquired by an entity wholly owned by Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion.

Discussions on the deal, which last week appeared uncertain, intensified over the weekend when Musk wooed Twitter shareholders with details of the financing of his proposal.

Under pressure, Twitter began talks with Musk to buy the company at a proposed $54.20 per share price.

The deal ends Twitter’s operations as a public company since its 2013 initial public offering.

“Free speech is a cornerstone of a functioning democracy, and Twitter is the digital town square where matters important to the future of humanity are debated,” Musk said in a statement.

Twitter’s shares were up about 6% following the news.

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