Elon Musk, the world's richest man, has struck a deal to buy Twitter for $61 billion, capping a saga complete with hostile takeover threats before delivering him personal control of one of the most influential social media platforms on the planet:
"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," Mr Musk said in a statement released by Twitter on Monday.
Musk last week lined up around $46.5 billion in financing to make the purchase happen, and Dan Ives, an analyst at Wedbush Securities, predicted earlier in the day that since the board could not find another buyer, it would likely accept his offer. While the firm's board initially said it was reviewing his offer, it later rebuffed him and adopted a "poison pill" plan that would have made it harder for Musk to acquire a controlling position.
In a filing, Musk had pointed to a $13 billion debt facility from a financing consortium led by Morgan Stanley, a separate $12.5 billion margin loan from the same bank, as well as $21 billion from his personal fortune as being behind the deal.
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