Twitter has agreed to sell the company to billionaire Elon Musk for $44 billion in cash, a deal with major implications for online discourse.

The social media giant’s decision to sell will give major influence over public debate to Musk, who has vowed to overhaul the platform to orient it toward free speech.

Musk said that free speech on Twitter is a societal imperative for a functioning democracy.

Musk’s takeover could also nudge other social media giants to censor less content in order to remain relevant, conservatives hope.

WHAT ELON MUSK UNDERSTANDS ABOUT TWITTER

The deal came to fruition after Twitter’s board had long negotiations with Musk over the weekend regarding his unsolicited bid to buy the company two weeks ago and after he began lining up $46.5 billion in financing for the offer last week.

Musk announced a financing plan to back up his acquisition four days ago, which forced Twitter’s board to consider the deal more seriously.

The deal appears to represent an acknowledgment by Twitter that its new chief executive, Parag Agrawal, who took control of the company in November, is not making the company sufficiently profitable, although the company is on track to meet its aggressive financial goals set for 2023.

Twitter’s board voted earlier this month to adopt a “poison pill” investor strategy in an attempt to stop Musk from taking over the company.

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The social media giant’s board of directors, led by Chairman Bret Taylor and CEO Parag Agrawal, had approved a limited-duration shareholder rights plan that can help stop companies from being acquired in takeovers they don’t want.

Original Location: Twitter accepts buyout offer from Musk, giving billionaire control of platform

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