Elon Musk acquires Twitter company in a $44 billion deal

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Elon Musk acquires Twitter in $44 billion deal

Twitter announced on Monday that it has agreed to sell itself to Elon Musk in a $44 billion deal.

According to the terms of the agreement, stockholders will get $54.20 in cash for each share of Twitter stock they possess, matching Musk’s initial offer by providing a 38 percent premium over the stock price the day before Musk declared his investment in the firm.

The deal was unanimously authorized by Twitter’s board of directors and is expected to be finalized this year. The approval comes after Musk announced that he secured $46.5 billion in financing to acquire the company, which compelled Twitter’s board to carefully consider the offer. The board met on Sunday to discuss Musk’s offer.

Musk has repeatedly stressed in recent days that his goal is to bolster free speech on the platform and work to “unlock” Twitter’s “extraordinary potential.”

“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 a statement on Monday.

Musk also said that he wants 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 all humans.” BKM/ Expat Media


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