Twitter confirms sale to Elon Musk for $44 bn

Twitter confirmed it is selling the platform to billionaire entrepreneur Elon Musk in a deal valuing   $44 billion on Monday

The sale became a dramatic shift for the board, which had at first maneuvered to dam Musk from taking the social media network private.

“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,” Musk said in a statement announcing the takeover.

Musk had taken a major stake in the firm earlier this month before lining up last week some $46.5 billion in financing to push forward with the purchase.

Twitter board chair Bret Taylor said the body “conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” according to the statement.

“The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

The polarizing Tesla chief’s campaign to buy the social media large sparked challenge that his unpredictable statements and alleged bullying are contradictory to his said ambitions for the platform..