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Confirmed: Twitter has been taken over by billionaire Elon Musk for $44 billion

Previously Musk announced that he would not be joining the board of directors of Twitter, just as his term was about to begin.

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Elon Musk has got ownership of Twitter in several of the biggest tech deals in history. Musk will pay approximately $44 billion for the social network.

On Monday, Elon Musk agreed to buy Twitter for $44 billion with shares valued at $54.20. Earlier on April 14, he announced his buyout offer, calling it his ‘best and final offer.’ He made an offer to Twitter for $41 billion, just days after declining a seat on the social media company’s board of directors. Musk’s bid price of $54.20 per share was revealed in a regulatory filing, which is said to be a 38 per cent premium to Twitter’s April 1 close, the last trading day before the Tesla CEO’s more than 9% stake became public.

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Announcing the acquisition Musk said in a statement released on Twitter, “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. 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.”

Following the announcement, Twitter’s stock jumped about 6%.

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Twitter’s CEO, Parag Agrawal, stated, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”

After the deal to take Twitter under Elon Musk closes, CEO Parag Agarwal is said to have told staff that the company’s future is uncertain during the company’s meeting. However, Musk will have a Q&A session in the coming day with the Twitter staff.

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Komila Singh
Komila Singhhttp://www.gadgetbridge.com
Komila is one of the most spirited tech writers at Gadget Bridge. Always up for a new challenge, she is an expert at dissecting technology and getting to its core. She loves to tinker with new mobile phones, tablets and headphones.

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