After a tumultuous several days of discussions about Elon Musk's 9% majority stake, including board seats and "poison pill" strategies, Twitter announced that it will be acquired by Musk for approximately $44 billion. With an anticipated approval vote from shareholders, Twitter shares (TWTR) will be redeemed for $52.40 in cash for each share of common stock owned upon closing of the proposed transaction. The transaction is expected to be completed and final in the remaining months of 2022.

Bret Taylor, Twitter's Independent Board Chair, said, "The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders."

Parag Agrawal, Twitter's CEO, said, "Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important."

"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," said Mr. Musk. "I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it."