Elon Musk Confirmed to Purchase Twitter for $44 Billion

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

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

Underneath strain, 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 goal and relevance that impacts your entire world. Deeply happy with our groups and impressed by the work that has by no means been extra essential.”

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital city sq. the place issues important to the way forward for humanity are debated,” Musk stated in a press release, including, “I additionally need 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 sit 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