Elon Musk on Monday struck a deal to buy Twitter for $ 44 billion, making him the world’s richest man with control over the social media platform, which is home to millions of users and world leaders.
Negotiations on the deal, which appeared uncertain last week, accelerated over the weekend after Musk attracted Twitter shareholders with the financing details of his offer.
Under pressure, Twitter began negotiating with Musk to buy the company at the proposed $ 54.20 per share price. The deal ended with Twitter becoming a public company since its initial public offering in 2013.
Parag Agarwal, CEO of Twitter, said, “Twitter has a purpose and relevance that affects the whole world. We are very proud of our team and inspired by work that has never been done before.”
“Free speech is the foundation of a functioning democracy, and Twitter is a digital town square where important issues for the future of humanity will be discussed,” Musk said in a statement. Makes algorithms open source to defeat and validate all human beings. Twitter has amazing potential – I look forward to working with the company and the consumer community to unlock it. “
Twitter shares rose nearly 6 percent in the wake of the news.
© Thomson Reuters 2022