New Delhi, April 26. The world’s richest man, Elon Musk, finally bought the social media site Twitter. Yes, Twitter is now on its way to becoming a private company, as Tesla CEO Elon Musk on Monday confirmed a deal to buy Twitter for about $ 44 billion. Musk said in a tweet that free speech is the cornerstone of a functioning democracy, and Twitter is the digital town square where matters important to the future of humanity are debated.
Full details about the $ 44 billion deal
- The deal came two weeks after the world’s richest man first disclosed a 9% stake in Twitter.
- Musk said last week that he had raised $46.5 billion in funding to buy Twitter, putting pressure on the company’s board to negotiate the deal.
- Twitter said Musk secured $25.5 billion in debt and margin debt financing and is providing an equity commitment of $21 billion.
- Twitter said the transaction was unanimously approved by its board of directors, pending regulatory sign-off and shareholders’ approval, the process of which is expected to be completed in 2022.
- Twitter CEO Parag Agarwal told employees on Monday that once the deal is finalized, we don’t know in which direction the platform will go.
- Shares of Twitter Inc. rose more than 5% to $51.70 per share on Monday.
- On April 14, Musk announced an offer to buy Twitter for $54.20 per share.
- Earlier this month, a day after Musk disclosed his intention to buy, Twitter adopted a limited-term shareholder rights scheme, or poison pill.
- According to Forbes, Musk has a net worth of $268 billion. He has said that he is not primarily concerned with the economics of Twitter. Having a public forum that is most credible and widely inclusive is of utmost importance to the future of civilization. I don’t care about economics at all.
- The Tesla CEO wrote before the deal was revealed that I hope even my worst critics stay on Twitter, because that’s what freedom of expression means.
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Know how Elon Musk bought Twitter heres the full story
The world’s richest man and Tesla CEO Elon Musk on Monday bought Twitter for dollar 44 billion (Rs 3.30 lakh crore).
Story first published: Tuesday, April 26, 2022, 11:36 [IST]