Elon Musk acquired Twitter Inc. (TWTR.N) for $44 billion on Monday, in a deal that will transfer control of the most popular social media platform used by millions of users and celebrities around the world to the world’s richest man.
The news was confirmed ahead of its official announcement by another Twitter board member, who announced that he was agreeing to Elon Musk’s $44 billion acquisition of the platform. The businessman agreed to pay shareholders $54.20 per share.
According to the New York Stock Exchange, trading in shares of Twitter Inc has been suspended pending official announcement. Earlier, the company’s shares rose by 5.5%, reaching $51.60.
“Freedom of speech is the foundation of a functioning democracy, and Twitter is a digital forum for discussing issues vital to the future of humanity,” Elon Musk said in a statement.
I hope that even my worst critics remain on Twitter, because that is what free speech means
— Elon Musk (@elonmusk) April 25, 2022
“I also want to make Twitter better than ever by improving the product with new features, creating open source algorithms to improve trust, defeating spam bots, and verifying the identity of all people,” he added.
This is a defining moment for a company that has been one of the most influential forums for public debate in the world for 16 years and now faces a number of challenges.
Musk is the richest person in the world, according to Forbes magazine, with an estimated net worth of $273.6 billion. Thanks in large part to his involvement with the electric vehicle company Tesla, which he runs. He also heads the aerospace company SpaceX.
It’s worth noting that final deal talks seemed uncertain last week but intensified over the weekend as the world’s richest man impressed shareholders with the financial details of his proposal.
The terms of the deal, which is expected to close later this year, include that Twitter’s shares will be delisted and privatized. Musk said that would give him the freedom to make whatever changes he wants to the company, while at the same time he intends to delist the company from the stock exchange it was listed on in 2013.
Biden-Trump’s first reaction after the deal
The White House tonight declined to comment on the acquisition of Twitter Inc. billionaire businessman Elon Musk, but noted that US President Joe Biden has long been concerned about the power of social media platforms.
As for former US President Donald Trump, he said tonight that he will not return to Twitter even if his account is unblocked after billionaire Elon Musk bought the platform.
Trump told Fox News he would formally open an account with his company, Truth Social, within the next seven days, as he had already planned. “I will not go to Twitter, I will stay on Truth (true) Social. “I hope Elon buys Twitter because he will improve and he is a good person, but I will stay on Truth.”