Connect with us

Hi, what are you looking for?

Tech leaders

Elon Musk buys Twitter for $44bn

Why I am buying Twitter - Elon Musk
Elon Musk

Elon Musk has agreed a deal to buy Twitter for about $44bn. This was confirmed on Monday after Twitter agreed to be taken over at $54.20 a share. Speaking on the motivation behind the deal, Musk revealed that he intends to transform the platform by taking it private.

In a statement announcing the deal, he said, “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 spambots, and authenticating humans.

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

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

Twitter’s Chief Executive Officer, Parag Agrawal, added, “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.”

On April 4th, Elon Musk announced that he had purchased 9.1 per cent of Twitter, making him one of the largest shareholders of the company. On April 14th, Elon Musk made his offer to announce an offer to buy Twitter for $54.20 a share.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

News

Chief Executive Officer of Tesla, Elon Musk has revealed a humanoid ‘Optimus’ robot prototype. According to The Verge, humanoid shares AI software and sensor...

News

Ride-hailing company, Uber, has increased its fares rate for UberX and UberX Shares in Lagos.   The fares rate hike which is slated to...

Cryptocurrency

The Kardashians Television Reality Star, Kim Kardashian has been sanctioned by the Securities and Exchange Commission with a fine of $1.26 million.   According...

News

The Advertising Regulatory Council of Nigeria has filed a violation lawsuit against Meta Platforms Incorporated, the company that owns the platforms for Facebook, Instagram,...

Advertisement