Elon Musk Officially Buys Twitter
Twitter has officially been bought by billionaire Elon Musk. On April 25, it was announced that the entrepreneur purchased the social media app for “approximately $44 billion.”
More details about the Twitter buyout can be read below.
Elon Musk purchased Twitter for $44 billion
On April 25, it was publicized that Musk bought Twitter after the board of the social media platform accepted the billionaire’s offer.
According to a press release, Twitter released a statement saying:
“Twitter, Inc. (NYSE: TWTR) today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.
Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.”
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Elon Musk released a statement about the Twitter buyout
In the press release about the buyout, Musk shared why he decided to purchase the social media platform in a statement.
“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,” Musk said in the press release.
He continued, “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. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
Who is Elon Musk?
Musk is most known for founding SpaceX and acting as the CEO of Tesla, Inc. Outside of his entrepreneurial ventures, he is known for his past high-profile relationships with actor Amber Heard and the singer-songwriter Grimes.
Before Musk purchased Twitter, he was already the largest shareholder in the company. He had previously been asked to join Twitter’s board of directors.
According to USA Today, this “would have prevented Musk from owning more than 14.9% of Twitter’s outstanding stock.”
However, Musk declined to join the board of directors and elected to privately purchase the company himself.
This is a developing story, Check back for updates.