Elon Musk buys Twitter for $44 billion
Want to make Twitter better than ever by enhancing the product with new features, says the billionaire businessman
Billionaire businessman Elon Musk has acquired social media platform company Twitter for $44 billion. With this, Twitter will now be a privately held company.
In a statement on announcing the takeover, Musk tweeted: "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."
He further said, "I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential - I look forward to working with the company and the community of users to unlock it," he added.
??♥️ Yesss!!! ♥️?? pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
According to media reports, Twitter confirmed the news by sharing that an entity owned by Elon Musk offered $54.20 per share in cash.
“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders,” Bret Taylor, Twitter’s Independent Board Chair, was quoted by media reports as saying.
Musk is the world's richest person, according to Forbes magazine, with an estimated net worth of $273.6bn. He also leads the aerospace firm SpaceX.
