Elon Musk buys Twitter for 44 billion dollars

Elon Musk Tesla and SpaceX CEO and owner of Twitter

Elon Musk Tesla and SpaceX CEO and owner of Twitter. Photo: JD Lasica. CC BY 2.0.

Twitter announced Monday that it has accepted the offer to buy the entrepreneur Elon Musk for about 44,000 million dollars and that, in addition, it will cease trading on the stock exchange.

After a morning of speculation and Wall Street suspended its listing in the face of an imminent agreement, the company said in a statement that Musk, through an entity, will pay $54.20 per share in the purchase.

“Free speech is the bedrock of a functioning democracy and Twitter is the digital town square where issues vital to the future of humanity are debated,” the Tesla founder and world’s richest man said in the note.

“I also want to make Twitter better than ever by empowering the product with new features, making algorithms open source to increase trust, defeating ‘spam’ ‘bots,’ and authenticating all humans,” he added.

The deal was unanimously approved by the board and is expected to reach completion this year following the green light from shareholders, regulators and other customary conditions, according to details provided on the transaction.

Twitter’s independent board chairman, Bret Taylor, explained that the body has evaluated Musk’s proposal with a focus on “value, certainty and financing,” and deemed it beneficial to shareholders.

For his part, the company’s top executive Parag Agrawal, added in the note: “Twitter has a purpose and relevance that affects the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”

-Thailand News (TN)

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