Elon Musk Gets Go-Ahead Buy Twitter INC

Twitter Inc reached a deal worth 44 billion dollars on Monday with billionaire Elon Musk to take over the company and grant him control over the influential social-media network.

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After a rejection by many Twitter executives and board members of Mr. Musk's takeover of the social network, the $44 billion deal represents a close to a dramatic courtship and a sharp change of heart at Twitter He has said he wanted to acquire the company as he feels the social network is not giving its full potential as a platform for “free speech.” The billionaire said that the company needs to become private so that the users feel trust as users and improve the service at what he considers the “societal imperative” of free speech.

The company will become private as the sale is closed, according to the statements. “Twitter has a purpose and relevance that impacts the entire world,” tweeted the CEO Parag Agrawal. “Deeply proud of our teams and inspired by the work that has never been more important.” During a TED interview, Mr. Musk said that he would be pleased if Twitter erred on the side of allowing speech instead of moderating it. He would be “very reluctant” to delete tweets and be very careful about the permanent bans.

He highlighted that the social network would have to stand with the national laws governing speech in each market worldwide. At first, the directive Twitter has carried out an anti-takeover measure known as a poison pill, which would mean a ban on the company's acquisition. Still, once the billionaire announced the financial commitments he had to back his offer of 46.5 billion dollars, as there were no other bidders emerged, Twitter's board started negotiations with Musk.

Last week Musk had revealed the 46.5 billion dollars in financing that he had designated to buy Twitter to pressure the company's board into reaching a deal. “I hope that even my worst critics remain on Twitter because that is what free speech means,” tweeted Musk as he waded into the buzz about the negotiations and users claiming that they would quit the platform if he took over.

During the previous weeks, he has pledged changes for the company, from relaxing its content restrictions, including the regulations that suspended former President Donald Trump’s account, to getting rid of fake and automated accounts on the platform and shifting away from its advertising-based revenue model.