Elon Musk buys Twitter

Elon Musk buys Twitter. Twitter announced this afternoon it has entered into an agreement to be purchased by billionaire Elon Musk for $54.20 per share (about $44 billion USD).

Twitter will become a privately held company once the transaction is complete. The transaction has already been approved unanimously by the Twitter Board of Directors. It still needs to be approved by Twitter stockholders.

“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” said Bret Taylor, Independent Board Chair at Twitter. “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

“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 Elon 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.”

The purchase of Twitter by Elon Musk comes with lots of controversy. His main goals are to promote free speech and unlock the potential of social media network.

What remains to be known is if his desire for free speech will mean bringing back misinformation, hate speech and other damaging content. Twitter users are wondering if former President Trump will have his account back after having violated Twitter policies for inciting violence before and after the attack at the Capitol.

Though Twitter has been losing users, it remains still as an influential social network for millions of people around the world.

Elon Mush had already acquired a 9.2% in the company. Days later, he made his “best and final offer” to purchase Twitter.

🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6

— Elon Musk (@elonmusk) April 25, 2022

[Source]: Twitter (via PR Newswire): Elon Musk to Acquire Twitter – [Archive] – [Screenshot].