Elon Musk is buying Twitter – officially

Tesla entrepreneur Elon Musk has reached an agreement with the Twitter board to acquire the company for around US$44 billion (around £34.554 billion), the company has announced.

As rumored earlier Monday, the deal was officially announced in a press release, in a deal likely to cause the biggest social media landscape shock since Facebook’s acquisition of Instagram in 2014, and perhaps in the medium’s history In the 21st century.

In a statement, Musk said the motivation behind the deal, which will delist Twitter as a wholly-owned private company, is to protect freedom of expression and unlock the platform’s “enormous potential.” He also said there were plans to “authenticate all people.” Whatever that means.

Musk said: “Freedom of expression is the foundation of a functioning democracy, and Twitter is the digital marketplace where important issues affecting the future of humanity are debated.

“I also want to make Twitter better than ever by improving the product with new features, open-sourcing algorithms to increase trust, defeat spam bots, and authenticate everyone. Twitter has tremendous potential – I look forward to working with the company and the user community to unlock it.”

In a statement by himself, Parag Agrawal, CEO of Twitter, said: “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.”

The current CEO’s statement was brief and certainly wasn’t referring to Musk or his own future with the platform.

The deal is fully funded, the press release said, and “represents a 38% premium to Twitter’s closing price on April 1, 2022,” when Musk announced a 9% stake in the company. The deal, which was unanimously approved by Twitter’s board of directors, is expected to close later this year, subject to signing by Twitter shareholders and regulators.

https://www.trustedreviews.com/news/elon-musk-officially-buys-twitter-4228454?utm_source=keystone&utm_medium=keystone_core_reviews_rss&utm_campaign=trusted+reviews Elon Musk is buying Twitter – officially

Chris Barrese

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