On Monday, Twitter introduced that Elon Musk has formally acquired the social media platform for $54.20 per share in a transaction valued at $44 billion. After the transaction completes, Twitter will transition to a personal firm.
Musk Acquires Social Media Platform Twitter — Goals to Improve Free Speech and Unlock Twitter’s Potential
Tesla’s Elon Musk formally acquired Twitter on April 25, 2022, in a transaction valued at $44 billion. The deal got here 21 days after Musk took a 9.2% stake in Twitter Inc. on April 4. The $54.20 per share worth will give shareholders a 38% premium to Twitter’s closing inventory worth on the primary of April. That was the final buying and selling day Twitter had previous to Musk’s provide to buy the social media agency.
“The Twitter Board performed a considerate and complete course of to evaluate Elon’s proposal with a deliberate deal with worth, certainty, and financing,” Bret Taylor, Twitter’s impartial board chair defined in the course of the acquisition announcement. “The proposed transaction will ship a considerable money premium, and we imagine it’s the finest path ahead for Twitter’s stockholders.”
Elon Musk additionally made an announcement in the course of the acquisition announcement on Monday and he highlighted how free speech is required in society. “Free speech is the bedrock of a functioning democracy, and Twitter is the digital city sq. the place issues very important to the way forward for humanity are debated,” Musk defined. The Tesla govt and now proprietor of Twitter additional stated:
I additionally need to make Twitter higher than ever by enhancing the product with new options, making the algorithms open supply to extend belief, defeating the spam bots, and authenticating all people. Twitter has super potential – I sit up for working with the corporate and the group of customers to unlock it.
Moreover, final week Musk defined how he wished to enhance Twitter by making the account verification course of simpler, and probably implementing dogecoin funds. For the reason that information broke earlier this morning indicating that Musk was negotiating with Twitter, dogecoin costs have surged by 26.3% at present. Following the acquisition announcement, DOGE added 10% to its whole 24-hour share positive aspects.