Billionaire Elon Musk has reached an agreement with the board of Twitter to takeover the social media platform in a deal worth an estimated $44bn.
The Tesla owner will take charge of the company that has heavily criticized in the past by various politicians and regulators as well as Musk himself claiming that it has not been used as a platform for “free speech”.
The sale comes after Musk made the initial bid on the 14th April for $53.20 a share, approximately $43bn, and since then speculation of the takeover grew with reports claiming that there have been extensive negotiations between the two parties within the last few days.
The initial bid from Musk was rebuffed by the Twitter board however have now agreed a deal and will wait for the regulatory sign-off and approval of shareholders through a vote.
According to Forbes magazine, Musk is the richest man in the world with an estimated net worth of $273.6bn. In addition to his ownership of Tesla, he has also co-founded many other major companies such as SpaceX, OpenAI, Neuralink and Starlink.
Announcing the deal on the platform, Musk tweeted: “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 spam bots, and authenticating all humans,” he added.
“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
If the deal gets completed, it will mean that Twitter will be taken private and therefore off the stock market, beginning in 2013.
White House spokesperson, Jen Psaki, said: “No matter who owns or runs Twitter, the president has long been concerned about the power of large social media platforms.”
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