The sale will now give control of one of the most popular social media platforms to the world’s richest person.
Twitter is used by millions of people.
In a joint release announcing the takeover, Musk said: “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.”
Reports related to the bid were circulated and the discussions over the deal dominated the media reports globally.
The talks were reportedly accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer.
It has been reported that shareholders will receive $54.20 in cash for each share of Twitter stock they own as per the terms of the deal.
CNN reported that it is apparently matching Tesla CEO’s original offer and marking a 38 per cent premium over the stock price the day before Musk revealed his stake in the company.
Twitter independent board chair Bret Taylor said in a statement: “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing.”
Taylor hailed the deal as “the best path forward for Twitter’s stockholders.”
The sale is termed as a dramatic shift for the board as the deal has ended Twitter’s run as a public company since its 2013 initial public offering. The board originally manoeuvred to block Musk from taking the social media network private.
As reported, The New York Stock Exchange also suspended trading of Twitter stock amid reports the company was close to accepting Tesla boss Elon Musk’s takeover offer.
Around 1850 GMT, the NYSE said trading was halted on Twitter due to news pending. The stock had gained 5.5 per cent in the day’s session.
