Elon Musk Buys Twitter for $44 Billion

BERLIN, GERMANY DECEMBER 01: SpaceX owner and Tesla CEO Elon Musk poses on the red carpet of the Axel Springer Award 2020 on December 01, 2020 in Berlin, Germany. (Photo by Britta Pedersen-Pool/Getty Images)

Elon Musk, CEO of Tesla and SpaceX, has sealed the deal and purchased Twitter for roughly $44 Billion Dollars.

Shareholders are expected to receive $54.20 in cash for twitter stock shares that they own, which matechs Musk’s original offer and making 38% more than the stock price the day before Musk revealed his stake in the company.

Musk said in a statement, “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 also stated, “Twitter has tremendous potential–I look forward to working with the company and the community of users to unlock it.”

Elon Musk also took to twitter to say, he hopes “that even my worst critics remain on Twitter, because that is what free speech means.”

Twitter made a full announcement including that, “Twitter, Inc. has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.”

After meeting Sunday to discuss Musk’s offer, Bret Taylor, Twitter’s chairman, said the board had “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.”

Twitter being known for it’s platform where information can be freely shared among brands, political leaders, community users, and celebrities alike, users are concerned that under the new ownership of Musk, named the wealthiest man in the world, might affect the influence of it’s users and the platform.

What are your thoughts? Let us know in the comments.

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