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Elon Musk closes $44 billion deal to buy Twitter

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Posted: Monday, April 25, 2022. 6:28 pm CST.

By Benjamin Flowers: The world’s richest man, Elon Musk, now owns one of the world’s largest information platforms in the world, after closing a $44 billion deal to buy Twitter.

Musk, who was the single largest shareholder in the company, made his final offer earlier this month to buy Twitter at US$54.20 per share, 38 percent more than what a share was worth at closing on April 1, saying that he would rethink his position with the company if they did not accept his offer.

CNN Business reports that following the announcement of the deal, Twitter’s stock went up almost 6 percent, hovering around $51.84.

Musk himself took to Twitter, releasing a statement regarding the deal, saying “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.”

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

Musk said that he intends to better the Twitter user experience by adding new features, making the algorithms open-source, and addressing the issue of SPAM bots, among other quality of life changes.

 

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