Twitter’s board has approved a $44 billion acquisition deal from billionaire Elon Musk, just two weeks after he joined the board .
Mr. Musk said Twitter has “tremendous potential” that he intends to unlock.
He also asked for a slew of improvements, ranging from loosening content restrictions to eliminating fake accounts.
The company first rejected Mr. Musk’s offer, but will now put the proposal to a vote among shareholders.
Musk is the world’s richest person, with a net worth of $273.6 billion derived from his stakes in electric vehicle manufacturer Tesla and aerospace firm SpaceX.
Mr Musk said: “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.”
He said: “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.”
The decision comes as Twitter is under increasing scrutiny from politicians and authorities about the information that appears on its site.
It has faced criticism from both the left and the right for its efforts to moderate disinformation on the site.
One of its most high-profile moves was banning former US President Donald Trump, its most influential user, from using it last year, citing the risk of “incitement of violence.”
The news of the acquisition has been welcomed by the right in the US, though Mr. Trump stated on Monday April 25, that he had no intentions to rejoin the platform.