Elon Musk reached an agreement to buy Twitter for $44 billion on Monday in a transaction that will transform control of the social media platform with millions of users and global leaders into the world’s richest man. gender.
Discussions on the deal, which last week looked uncertain, accelerated over the weekend after Musk endorsed it Twitter shareholder with financial details of his offer.
Under pressure, Twitter began negotiations with Musk to buy the company at the proposed price of 54.20 USD/share. The deal ends Twitter’s operations as a public company since its 2013 initial public offering.
Parag Agrawal, CEO of Twitter, said, “Twitter has a purpose and relevance that affects the entire world. Deeply proud of our teams and inspired by work like never before. It’s more important now.”
“Freedom of expression is the cornerstone of a working democracy, and Twitter is the digital town square where issues important to the future of humanity are debated,” Musk said in a statement. stated and added, “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source for reliability, beating the mail bot spam and authenticate all humans. Twitter has huge potential – I look forward to working with the company and the user community to unlock it.”
Shares of Twitter rose about 6% following the news.
© Thomson Reuters 2022
