On Monday, Twitter announced that Elon Musk had officially acquired the social media platform for $54.20 per share in a deal valued at $44 billion. Once the transaction is complete, Twitter will transition to a private company.
Musk acquires social media platform Twitter – aims to improve free speech and unlock Twitter’s potential
Tesla’s Elon Musk officially acquired Twitter on April 25, 2022, in a transaction valued at $44 billion. The deal came 21 days after Musk took a 9.2% stake in Twitter Inc. on April 4. The price of $54.20 per share will give shareholders a 38% premium to Twitter’s April 1 closing price. It was Twitter’s last day of trading 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 with a deliberate focus on value, certainty and funding,” said Bret Taylor, Independent Chairman of the Board. administration of Twitter when the acquisition was announced. “The proposed transaction will provide a substantial cash bonus, and we believe it is the best way forward for Twitter shareholders.”
Elon Musk also made a statement when announcing the acquisition on Monday and he stressed how much freedom of expression is needed in society. “Free speech is the foundation of a functioning democracy, and Twitter is the digital public square where issues vital to the future of humanity are debated,” Musk explained. The Tesla executive and now owner of Twitter added:
I also want to make Twitter better than ever by improving the product with new features, making algorithms open source to increase trust, defeating spambots, and authenticating all humans. Twitter has enormous potential – I look forward to working with the company and the user community to unlock it.
Additionally, last week, Musk shared how he wanted to improve Twitter by making the account verification process easier and possibly implementing dogecoin payments. Since news broke earlier this morning that Musk was negotiating with Twitter, dogecoin price jumped 26.3% today. Following the announcement of the acquisition, DOGE added 10% to his total 24-hour percentage gains.
What do you think of the acquisition of Twitter by Elon Musk for 44 billion dollars? Let us know what you think about this topic in the comments section below.
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