Elon Musk Confirmed to Acquire Twitter for $44 Billion

Elon Musk clinched a deal to purchase Twitter for $44 billion on Monday in a transaction that may shift management of the social media platform populated by hundreds of thousands of customers and world leaders to the world’s richest individual.

Discussions over the deal, which final week appeared unsure, accelerated over the weekend after Musk wooed Twitter shareholders with financing particulars of his provide.

Below stress, Twitter began negotiating with Musk to purchase the corporate on the proposed $54.20 per share value. The deal ends Twitter’s run as a public firm since its 2013 preliminary public providing.

Parag Agrawal, Twitter’s CEO, stated, “Twitter has a function and relevance that impacts your entire world. Deeply pleased with our groups and impressed by the work that has by no means been extra necessary.”

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital city sq. the place issues very important to the way forward for humanity are debated,” Musk stated in a press release, including, “I additionally wish to make Twitter higher than ever by enhancing the product with new options, making the algorithms open supply to extend belief, defeating the spam bots, and authenticating all people. Twitter has great potential – I stay up for working with the corporate and the neighborhood of customers to unlock it.”

Twitter’s shares have been up about 6 p.c following the information.

© Thomson Reuters 2022