Elon Musk Acquires Twitter for $44 Billion
Elon Musk finalizes the purchase of Twitter, aiming to revolutionize the platform.
Speculations have been confirmed.
Elon Musk is indeed acquiring the social media platform Twitter, where he has been an active user for years. The deal is valued at $44 billion, with a price of $54.20 per share. All formalities are expected to be completed by the end of this year.
Musk emphasized his vision to enhance Twitter by unlocking its full potential:
Freedom of speech is the cornerstone of a functioning democracy, and Twitter serves as the digital town square where vital discussions about humanity’s future take place.
I intend to make Twitter better than ever before by introducing new features, making algorithms publicly accessible to build user trust, eliminating spam bots, and verifying the accounts of every real person.
Twitter’s CEO, Parag Agrawal, also welcomed the acquisition, highlighting Twitter’s mission and relevance that impact the world, stressing that the platform’s role is more important now than ever.
To finance the acquisition, Elon Musk contributed $21 billion from his personal funds and secured $25.5 billion in loans backed by Tesla shares.
Note that Twitter has been blocked in Russia by Roskomnadzor since early March.
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