Updated · Sep 29, 2022
Elon Musk Strikes Deal to Buy Twitter for $44 Billion
Updated · Apr 26, 2022
The 16-year-old company will now go private.
Musk Gets Twitter At Last
On Monday, Elon Musk cemented a deal that would see him acquire social media company Twitter for $44 billion. The announcement marks the end of a saga that saw him contend with the company’s board and some shareholders.
Musk has been vocal about the changes he considers necessary on the platform even before his 9.2% stake made him the firm’s largest shareholder. Chief among these is transforming the social network into a platform for free speech. The Tesla CEO will take the company private after the sale is finalized.
Terms and Financing
Each of Twitter’s shareholders will receive $54.20 in cash per share of the company’s common stock. It represents a 38% premium on the share price at the beginning of the month.
In regulatory filings released last week, Musk showed that he had secured $46.5 billion in financing.
Changes Coming to Twitter
In a joint statement with Twitter, Musk says that he aims to make the platform “better than ever”.
"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.
The world’s richest man according to Forbes, went on to outline some of his plans. They include adding new features and making Twitter’s algorithm open source. He will also target the eradication of spam bots on the platform and authenticate its human users.
“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it." The company is one of the largest social networking platforms in the world.
Twitter’s board unanimously approved the deal which will close sometime this year.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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