Elon Musk reaches agreement to buy Twitter for staggering £34billion

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Twitter has announced it's entered a definitive agreement to be bought by Elon Musk for a whopping £34billion.

The historic agreement comes after reported extensive discussions between Musk and Twitter's board which began on Sunday and continued into the early hours of Monday.

Musk announced his offer to buy the social media platform $54.20 a share, or about $44bn, on 14 April.

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."

The billionaire SpaceX founder, who is an avid user of the social media site, has been arguing that the company needed to be private to become a genuine platform for free speech.

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He has previously stressed that his decision to purchase Twitter was "not a way to sort of make money" and says it was not a move made on business grounds.

Speaking at TED2022 in Vancouver earlier this month, he said: "My strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important."

Writing to the company's chairman Bret Taylor, Musk stated: "I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy."

He added: "Twitter has extraordinary potential. I will unlock it."

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