Tesla and SpaceX CEO Elon Musk has officially acquired Twitter for $44 billion. This comes following recent eyeing by Musk on the company as well as purchasing a $3 billion stake from the company.
Earlier today, it was reported that Twitter and Musk have finalized an agreement for an acquisition by the CEO of Tesla and SpaceX. Now, it is official – Elon Musk is the new owner of the San Francisco-based social media platform.
The San Francisco-based platform has been concerned by Musk’s quick takeover from purchasing $3 billion worth of shares to negotiating on the future ownership of the company.
In a press release on Monday, Bret Taylor, Twitter’s Independent Board Chair, 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.”
The agreement between Musk and Twitter states that Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own. The Twitter board has approved the transaction and is expected to close in 2022.
Parag Agrawal – who became CEO of Twitter in November 2021 following Jack Dorsey’s resignation – mentioned free speech as “the bedrock of a functioning democracy”, something that Musk has always been concerned of:
“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,” said Mr. Musk. “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.”
Nobody is sure what Musk is planning to do with the company now that he owns it. Musk is very active on his account and often tweets o anything regarding Tesla, SpaceX, The Boring Company, and more.