American billionaire businessman Elon Musk has issued an extraordinary assurance to Twitter users after reports said that the Twitter board had agreed to sell the social media platform to the Tesla founder.
Musk wrote on Twitter, “I hope that even my worst critics remain on Twitter, because that is what free speech means.”
This came hours after several reports claimed that the Twitter board had agreed to sell 100% stakes to Musk for $43bn. This led the Twitter shares to surge in the American market with Twitter shares rising by 4% in opening trade in New York. Twitter’s shares reached $50.62, but still remained below Musk’s offer price of $54.20 per share.
According to news agency Reuters, a formal announcement on Musk gaining 100% control of Twitter was imminent.
Reacting to the deal, Twitter CEO Parag Agrawal tweeted, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”
Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important. https://t.co/5iNTtJoEHf
— Parag Agrawal (@paraga) April 25, 2022
Musk offered to buy the 100% stakes in Twitter for $54.20 per share only this month days after he declined to join the company’s board.
Musk shad aid that he invested in Twitter as he believed in its ‘potential to be the platform for free speech around the globe.’ I believe free speech is a societal imperative for a functioning democracy,” he had added.
Musk, however, had made it clear that the offer made by him was the ‘best and final’, adding that he would be forced to reconsider his position as a stakeholder in Twitter if his offer was not accepted.
Days later, he was seen publicly embarrassing Saudi Prince Alwaleed bin Talal after the latter took to Twitter to announce that he had rejected the US billionaire’s offer to buy 100% stakes in Twitter. Talal, who reportedly owns over 5% stakes in Twitter, had said that Musk’s offer was not an accurate valuation of the social media platform.
The Twitter board had first rejected Musk’s offer but the company appeared to take a spectacular U-turn and reportedly accepted the offer.