Elon Musk Twitter: Elon Musk acquires Twitter for USD 44 billion- Here’s what he said in his first tweet

Twitter Elon Musk: Twitter has confirmed the sale of the company to Tesla Chief Elon Musk for USD 44 billion. The deal has come after Musk revealed last week that he had lined up USD 46.5 billion in financing to acquire Twitter. 

Created On: Apr 26, 2022 08:55 IST
Elon Musk buys Twitter
Elon Musk buys Twitter

Twitter news: The social media giant Twitter confirmed on April 25, 2022, the sale of the company to Tesla Chief Elon Musk for USD 44 billion. Under the terms of the latest deal, shareholders of Twitter will receive USD 54.20 in cash for each share of Twitter stock they own. It matches Musk’s original offer and marks a 38% premium over the stock price the day before he had revealed his stake in Twitter.

Elon Musk who is also the new owner of Twitter said that he wanted to privatize Twitter as he thinks that it is not living up to its potential as a platform for free speech. Shares of Twitter Inc. also rose 6% on April 25 to $52 per share. 

In the recent weeks, Elon Musk proposed a number of changes for the company, it included relaxing its content restrictions to ridding the platform of fake and automated accounts, as well as shifting away from its advertising-based revenue model. 

Recently while commenting if there is any limit to his notion of free speech, Musk said that Twitter or any other forum is obviously bound by the laws of the country it operates in, so of course, Twitter will have to abide by those rules. 

Beyond that, he said that he will be very reluctant to delete things and in general be cautious about the permanent bans.

Twitter CEO Paras Agrawal welcomes new decision

Twitter CEO Paras Agrawal said in a statement that Twitter had a purpose and relevance that impacts the entire world. He added that he is deeply proud of the teams and inspired by the work that has never been more important. 

Elon Musk: World Richest Man

As per Forbes, Elon Musk is also the richest man in the world with a nearly $279 billion fortune. However, much of his money is tied up in Tesla Stock- Musk owns about 17% of the electric car company which is valued at more than 1 trillion dollars, and SpaceX which is a privately held space company. 

Elon Musk started making his fortune back in 1999 when he sold Zip2, an online mapping, and business directory for $307 billion. He further used his share to create what would become PayPal, an internet service that bypassed the banks and also allowed customers to pay directly to businesses. 

Background

The deal of Elon Musk buying Twitter has come after he revealed last week that he had lined up USD 46.5 billion in financing to acquire the social media giant, an apparent turning point that forced Twitter's board to consider the deal seriously. The board later met on April 24 to evaluate  Elon Musk's offer. 

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