Twitter Sold: Elon Musk has finally clinched a deal to buy Twitter Inc for USD 44 billion on Monday in a transaction that will shift control of the social media platform to the world’s richest person. Reports earlier had suggested that Twitter Inc is poised to agree on a sale to Elon Musk for around USD 43 billion in cash, the price the chief executive of Tesla Inc (TSLA.O) has called his “best and final” offer for the social media company.
Discussions over the deal, which last week appeared uncertain, paced up over the weekend after Musk wooed Twitter shareholders with financing details of his offer. Under pressure, Twitter started negotiating with Musk to buy the company at the proposed $54.20 per share price.
“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 said in a statement.
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
The deal was cemented roughly two weeks after the billionaire first revealed a 9 percent stake in the platform. Musk said last week that he had lined up $46.5 billion in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal.
Twitter Shares Rise
Shares of Twitter Inc. rose over 4 percent on Monday to $52 per share. On April 14, Musk announced an offer to buy the social media platform for $54.20 per share. While the stock is up sharply since Musk made his offer, it is well below the high of $77 per share it reached in February 2021.
Elon Musk And Twitter
Musk has described himself as a “free-speech absolutist” but is also known for blocking or disparaging other Twitter users who question or disagree with him. In recent weeks, he has voiced a number of proposed changes for the company, from relaxing its content restrictions — such as the rules that suspended former President Donald Trump’s account — to ridding the platform of fake and automated accounts, and shifting away from its advertising-based revenue model.
Asked during a recent TED talk if there are any limits to his notion of “free speech,” Musk said Twitter or any forum is “obviously bound by the laws of the country that it operates in. So obviously there are some limitations on free speech in the US, and, of course, Twitter would have to abide by those rules.”
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