Twitter's board has unanimously accepted the offer from Tesla co-founder and multi-billionaire Elon Musk to acquire the company in a $44bn (£34.5bn) all-cash deal, the largest such acquisition to take a company private in at least two decades.
Musk made the shock bid less than two weeks ago, just days after it was announced that he would not be joining the social media platform’s board of directors. The world's richest man said Twitter has "tremendous potential" that he would unlock.
The firm initially rebuffed Musk's bid to buy the social media platform for $54.20 (about £42.20) per share, a 38 per cent premium over the share price, but it will now ask shareholders to vote to approve the deal. Twitter founder Jack Dorsey has celebrated the acquisition as a way of taking the platform into private ownership and away from the Wall Street ad model.
“In principle, I don’t believe anyone should own or run Twitter,” Dorsey said. "“It wants...