Apr 26, 2022 11:32 UTC
Apr 26, 2022 at 11:32 UTC
Elon Musk Purchases Twitter for $44 Billion, Social Media Company Will Transition to a Private Company
On Monday, Twitter declared that Elon Musk has formally acquired the social media platform for $54.20 per share in an exceedingly large deal valued at $44 billion. When the deal completes, Twitter can transition to a private company.
Musk Acquires Social Media Platform Twitter — Aims to Boost Free Speech and Unlock Twitter’s Potential
Tesla’s Elon Musk formally acquired Twitter on April 25, 2022, in an exceedingly valuable deal valued at $44 billion. The deal came twenty one days ago when Musk took a 9.2% stake in Twitter INC. on April 4. The $54.20 per share value can offer shareholders a 38% premium to Twitter’s closing stock value on the 1st April. That was the last commercialism day Twitter had before Musk’s offer to buy the social media firm.
“The Twitter Board conducted a thoughtful and comprehensive method to assess Elon’s proposal with a deliberate target price, certainty, and funding,” Bret Taylor, Twitter’s freelance board chair explained throughout the acquisition announcement. “The projected deal can deliver a considerable money premium, and we believe it’s the simplest path forward for Twitter’s stockholders.”
Elon Musk conjointly created a press release throughout the acquisition announcement on Monday and he highlighted however free speech is required in society. “Free speech is the bedrock of a functioning democracy, and Twitter is that the digital town square wherever matters is very important to the long run of humanity,” are debated,” Musk explained. The Tesla government and currently owner of Twitter more said:
I conjointly need to form Twitter higher than ever by enhancing the product with new options, creating the algorithms open supply to extend trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I anticipate operating with the corporate and therefore the community of users to unlock it.
Furthermore, last week Musk explained however he wished to enhance Twitter by creating the account verification method easier, and presumably implementing dogecoin payments. Since the news stone-broke earlier this morning indicating that Musk was negotiating with Twitter, dogecoin costs have surged by 26.3% today. Following the acquisition announcement, the DODGE added 10% to its total 24-hour share gains.