Elon Musk acquires Twitter for $44 Billion

Elon Musk acquires Twitter for $44 Billion

Twitter says it has reached an agreement to sell the company to Elon Musk for around $44billion (£34.6billion).
The deal was, announced by the social media platform on Monday after days of negotiations between; the world’s richest person and the Twitter board.

Musk had, announced an offer to buy the social media platform on 14 April for $54.20 a share, or about $43billion.

 

Elon Musk buys Twitter

The additional $1billion price tag is understood to reflect the purchase of additional shares revealed by Twitter.

 

The deal means Twitter will now be taken private, ending its run on the stock market which began in 2013.

 

Musk will pay $54.20 cash per share for the San Francisco-based company, which will now be taken private after days of intense negotiations between; the entrepreneur and the platform’s board.

 

Read Also: Twitter: Musk promises free speech after $44bn purchase

 

“Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has; never been more important,” said Parag Agrawal, Twitter’s CEO was; quoted to have said.

 

Speaking on the motivation behind the deal, Musk revealed that he intends to transform the platform by taking it private.

 

In a statement announcing the deal, he 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.

 

“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 spambots, and authenticating humans.

 

“Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”

About The Author

Chuks Ofurum is a staff of 1ST NEWS. He writes the weekly column "The Mouthpiece". [email protected]

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