Elon Musk Confirmed to Acquire Twitter for $44 Billion

The Twitter board has accepted an offer from Elon Musk.

Elon Musk Confirmed to Acquire Twitter for $44 Billion

Photo Credit: Reuters

Highlights
  • Elon Musk clinched a deal to buy Twitter for $44 billion
  • The deal ends Twitter's run as a public company since its 2013
  • Twitter's shares were up about 6 percent following the news

Elon Musk clinched a deal to buy Twitter for $44 billion on Monday in a transaction that will shift control of the social media platform populated by millions of users and global leaders to the world's richest person.

Discussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer.

Under pressure, Twitter started negotiating with Musk to buy the company at the proposed $54.20 per share price. The deal ends Twitter's run as a public company since its 2013 initial public offering.

Parag Agrawal, Twitter's CEO, said, "Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important."

"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," Musk said in a statement, adding, "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."

Twitter's shares were up about 6 percent following the news.

© Thomson Reuters 2022

 

Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: twitter, Elon Musk
Java Suffers from Crypto Bug That Could Allow Attackers to Bypass Digital Signatures, Oracle Releases Fix
Samsung Galaxy M33 5G Is a Gen MZ Smartphone That’s Up for It All 
Share on Facebook Tweet Snapchat Share Reddit Comment
 
 

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.