Twitter agrees to be bought by Elon Musk

Twitter agreed on Monday that Elon Musk would take about $44 billion in cash, just weeks after the tech mogul launched, accepted or quit his unsolicited offer.

Why it matters: This is an earthquake in global media and politics, with Twitter hosting the speech.

You’ll surely be criticized by those who disagree with Musk’s laissez-faire’s views on content modification and cheered by those who think Twitter was too heavy with its block button.

In numbers: Musk pays $54.20 per share and is personally responsible for about half of the funding. The rest comes via loans from or arranged by Morgan Stanley. No word yet if he has managed to secure equity partners.

Big question: Who will run Twitter under Musk? His original offer letter included criticism of the company’s current management, so Parag Agrawal is unlikely to remain CEO. At the same time, Musk already runs several companies, and it is almost impossible to imagine him adding another.

What they say: “Freedom of expression is the bedrock of a functioning democracy, and Twitter is the arena of the digital city where matters vital to the future of humanity are discussed,” Musk said in a press release. “I also want to make Twitter better than ever by improving the product with new features, making open source algorithms to increase trust, defeat spam bots, and authenticate all humans. Twitter has tremendous potential – I look forward to working with the company and the user community to unlock it.”

Agrawal was also quoted in the statement, without mentioning his future.

Calendar: Twitter is set to release earnings before the bell Thursday, and now says there will be no corresponding conference call.

Expect we’ll soon learn more about the transaction, including the termination fees the two sides had to walk away from before it closed. The company also scheduled a comprehensive staff meeting for later this afternoon.

Dive In: Everything Elon Musk Wants To Change On Twitter

Editor’s note: This is an evolving story and has been updated all the time.

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