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Elon Musk buys Twitter for $44 billion

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San Francisco: Tesla CEO Elon Musk has finally bought micro-blogging site Twitter for approximately $44 billion.

In a release, the company said it had entered into a “definitive agreement” to be acquired by an entity wholly owned by Elon Musk for $ 54,2 per share in cash. Once the transaction is complete, it will become a privately held company.

Bret Taylor, the social media platform’s independent Board Chair, 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 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,” its CEO Parag Agrawal tweeted.

In a statement, Musk said, “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.”

Musk had offered to buy the company shortly after rejecting a place on the Twitter Board.

 

 

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