The deal caps off a whirlwind information cycle through which the Tesla and SpaceX CEO turned one in all Twitter’s largest shareholders, was supplied and turned down a seat on its board and supplied to purchase the corporate — all in lower than a month.
The deal comes after Mr Musk revealed final week he had lined up $46.5 billion (A$64.9 billion) in financing to accumulate the corporate.
Twitter’s board met on Sunday to judge Mr Musk’s supply.
Mr Musk stated on Twitter on Monday that, “I hope that even my worst critics remain on Twitter, because that is what free speech means.”
The deal would put the world’s richest man answerable for one of many world’s most influential social media platforms.
Mr Musk has repeatedly pressured in current days that his objective is to bolster free speech on the platform and work to “unlock” Twitter’s “extraordinary potential.”
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Mr Musk stated in his supply letter to Twitter.
“However, since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”
In the times following Mr Musk’s bid, Twitter’s board put in place a so-called poison tablet that might make it tougher for Mr Musk to accumulate the corporate with out its approval. There have been additionally questions on whether or not the corporate would attempt to discover one other purchaser.
However, CFRA senior fairness analyst Angelo Zino stated on Monday that Twitter’s board extra severely contemplating Mr Musk’s supply might have come “from the Board’s realisation that an alternative bid from a ‘white knight’ may be difficult to come by, especially following the decline in asset prices from social media companies in recent weeks/months.”