Last week Elon Musk placed his bid to acquire Twitter and take it off the stock market thoroughly. Initially, it seemed like the company would reasonably reject the bid. However, a few days later, it appears as if it did some more consideration, and today it officially announced that it agreed with Musk’s bid.
As stated by the New York Times, Elon Musk fixed a deal to buy Twitter for $44 billion cash on Monday in a trade. That will divert the control of the social media platform populated by millions of consumers to the world’s wealthiest person.
According to the company’s press release, Twitter has now “agreed to be obtained by an entity completely owned by Elon Musk”. The price is $54.20 per share in cash. Thus the total worth of the trade is around $44 billion. Upon completion, Twitter will become a confidentially held company and no longer have its shares traded on any stock exchange.
Let’s have a look at Musk’s announcement “Free speech is the bedrock of an active democracy, and Twitter is the digital town square. Where matters crucial to the future of humankind are discussed. He added, “I also want to create Twitter satisfactorily than ever by improving the platform with new features. And creating the algorithms open source to boost trust, conquering the spambots, and authenticating all humans. Twitter has immense potential – I look forward to going with the company and the community of users to unlock it”.
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