English
Chinese (Simplified)
French
German
Italian
Polish
Russian
Spanish
Turkish
Ukrainian
On Monday, Twitter announced that Elon Musk has officially acquired the social media platform for $54.20 per share in a deal worth $44 billion. Once the deal is complete, Twitter will become a privately held company.
Musk acquires social media platform Twitter – aiming to expand free speech and unlock Twitter’s potential
Elon Musk of Tesla officially acquired Twitter on April 25, 2022 in a $44 billion deal. The deal came 21 days after Musk purchased 9.2% of Twitter Inc. on April 4. The price of $54.20 per share would give shareholders a 38% premium over Twitter’s stock price at the close of trading on April 1. This was Twitter’s last trading day before Musk’s offer to buy the social media company.
“Twitter’s board of directors conducted a thoughtful and comprehensive process to evaluate Elon’s proposal, focusing on value, certainty and financing,” explained Bret Taylor, chairman of Twitter’s independent board of directors, during the announcement of the acquisition. “The proposed transaction will provide a significant cash premium, and we believe this is the best way forward for Twitter shareholders.”
Elon Musk also made a statement during Monday’s acquisition announcement and emphasized how free speech is essential in society. “Free speech is the foundation of a functioning democracy, and Twitter is a digital town square where issues vital to the future of humanity are discussed,” Musk explained. The Tesla executive and now owner of Twitter went on to say:
I also want to make Twitter better than ever, improving the product with new features, making open-source algorithms to increase trust, defeating spam bots and authenticating all people. Twitter has enormous potential – I look forward to working with the company and the user community to unlock it.”
In addition, last week Musk explained how he wants to improve Twitter by simplifying the account verification process and possibly introducing dogecoin payments. Since news broke this morning that Musk is in talks with Twitter, the price of dogecoin has risen 26.3% today. Since the acquisition announcement, DOGE has added 10% to its total percentage gain in 24 hours.
Image credits: Shutterstock, Pixabay, Wiki Commons
