Twitter shares popped over 5% on Monday after the company’s board unanimously accepted Tesla CEO Elon Musk’s $44 billion offer to take the social media giant private.
Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, the last trading day before Musk disclosed a 9.2% stake in the company.
Musk, a self-described “free-speech absolutist,” has been critical of the platform and its chief executive Parag Agrawal’s approach to free speech.
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