Elon Musk Purchases Twitter for $44 Billion, Social Media Company Will Transition to a Private Company
On Monday, Twitter announced that Elon Musk has officially 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 private company. Musk Acquires Social Media Platform Twitter — Aims to Enhance Free Speech and Unlock Twitter’s Potential
Tesla’s Elon Musk officially acquired Twitter on April 25, 2022, in a transaction valued at $44 billion. The deal came 21 days after Musk took a 9.2% stake in Twitter Inc. on April 4. The $54.20 per share price will give shareholders a 38% premium to Twitter’s closing stock price on the first of April. That was the last trading day Twitter had prior to Musk’s offer to purchase the social media firm.
“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” Bret Taylor, Twitter’s independent board chair explained during the acquisition announcement. “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Elon Musk also made a statement during the acquisition announcement on Monday and he highlighted how free speech is needed in society. “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,” Musk explained. The Tesla executive and now owner of Twitter further 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.
Furthermore, last week Musk explained how he wanted to improve Twitter by making the account verification process easier, and possibly implementing dogecoin payments. Since the news broke earlier this morning indicating that Musk was negotiating with Twitter, dogecoin prices have surged by 26.3% today. Following the acquisition announcement, DOGE added 10% to its total 24-hour percentage gains. Tags in this story Bret Taylor, Doge, dogecoin, Elon Musk, elon musk buys twitter, elon musk invests in twitter, elon musk new social media, Elon Musk stake twitter, elon musk twitter, elon musk twitter improvements, elon musk twitter priorities, elon musk twitter stake, elon musk twitter takeover, engaging in negotiations, Twitter, Twitter Board, Twitter Management
What do you think about Elon Musk acquiring Twitter for $44 billion? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Uncollateralized Lending Platform Truefi Reveals $100 Million Single-Borrower Pool Designed for Blockchain.com NEWS | 6 hours ago Report: Twitter Engages in Negotiations With Elon Musk, Analyst Says Unless a Second Bidder Appears Musk Will Acquire the Company NEWS | 9 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleNFT Trade Volume Jumped 23% Higher This Week Capturing Close to $1 Billion in Sales Next articleWhile Global Markets Get Spooked by Covid and a Hawkish Fed, Stocks and Crypto Rebound After Musk Buys Twitter Show comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Iran to Increase Penalties for Unauthorized Cryptocurrency Mining