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Elon Musk takes over Twitter for $44 billion, wows to make the microblogging better than ever

Musk buys TwitterElon Musk takes over Twitter for $44 billion | OyeYeah News
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Elon Musk takes over Twitter for $44 billion, and wows to make the microblogging better than ever!

So it’s official after weeks of speculations, that the world’s richest man has bought Twitter.

Twitter has now “entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk”, according to the company’s press release.

As reported, the price is $54.20 per share of Twitter in cash (which means not shares in SEC-speak, and not actual cash, by the way). That makes the total value of the transaction approximately $44 billion.

Upon completion of the deal, Twitter will become a privately held company and will no longer have its shares traded on any stock exchange.

However, the deal could take months because of all the regulatory scrutiny Twitter’s bound to come across.

Musk, who has more than 80 million followers on Twitter, shared an official statement following the takeover.

“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”, Musk said in a statement on Tuesday.

“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 spambots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it”, he added.

 

 

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