Elon Musk has struck a deal with Twitter to complete a $44bn takeover of one of the world’s foremost social media companies. The deal will see Twitter becoming privately owned by Musk.
Twitter on Monday agreed to sell its shares to Musk at $54.20 per share, in what’s a 38% premium over the company’s share price this month before his revelation that he has bought the largest stake in the company.
“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 on Monday.
“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 Independent Board Chair, Brett Taylor also said, “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.”
Chief Executive, Parag Agrawal said Twitter’s relevance and purpose has a huge impact on the entire world.
“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,” he said.
Musk’s takeover of Twitter is no mean feat considering the vitriol from the company when he announced his interest in a takeover.
The world’s richest man and Chief Executive of Tesla Co. described his offer to Twitter as the final and best they can get.
Musk holds widely acclaimed views in the world with his more than 83 million Twitter followers being one of the biggest in the world.
His sometimes radical view of issues has its admirers and critics amongst Twitter’s more than 217 million users in the world.
While the company isn’t the biggest social network, its power in promoting narratives, acting as a medium of communication for governments and agencies has made it a globally-respected social media entity.
Elon Musk’s tweet after the announcement of the takeover has had more than one million likes. He said he hopes his worst critics will stay on Twitter, in a promotion of his free speech narrative.
Musk’s readiness to take charge at Twitter in a very active capacity is yet to be understood as he has other business interests in Tesla, SpaceX, Neuralink and the Boring Company.