Elon Musk tweeted, ‘I hope that even my worst critics remain on Twitter, because that is what free speech means" It’s official: Twitter’s board has agreed to let Elon Musk buy the social media network for $44 billion. Fans are still skeptical, especially twitter users.
Elon Musk, the owner of both SpaceX and Tesla, is considered the richest man in the world and is no stranger to utilizing Twitter for whatever suits his fancies at the time. He's also a controversial figure in the public space both for some of his statements on the platform and has received backlash for his tax payments. This purchase is only certain to add more fuel to the fire given the uneasy sentiment around billionaires controlling prominent media pillars. Compared to the aforementioned Washington Post and Time though, Twitter holds a unique space in media and journalism as it helps the spread of information and misinformation from many outlets including politicians, creating a tough line to walk for Musk.
After all, when Musk, the world’s richest man, first disclosed that he had lined up $46.5 billion in financing to buy Twitter on April 14, the news became the talk of social media. So it should come as no surprise that the news Twitter had accepted Musk’s unsolicited bid made the billionaire Tesla TSLA, -0.70% and SpaceX founder the talk of the Twitterverse once more on Monday.
After serious negotiations with Twitter's board, what seemed inevitable has finally come to fruition. Elon Musk is now the owner of the social media giant as both sides agreed to a massive $44 billion deal to cede control of the company to him. With the buyout, Twitter will transfer to being a privately owned company, joining The Washington Post and Time as just the latest in a string of media outlets to be snapped up by wealthy elites.
Twitter agreed to be taken over at $54.20 a share, a 38 percent premium over the share price before it was revealed that Mr. Musk had been buying up the company’s stock.
Elon Musk struck a deal on Monday to buy Twitter for roughly $44 billion, in a victory by the world’s richest man to take over the influential social network frequented by world leaders, celebrities and cultural trendsetters.
At the end of it, Twitter agreed to sell itself to Mr. Musk for $54.20 a share, a 38 percent premium over the company’s share price this month before he revealed he was the firm’s single largest shareholder. It would be the largest deal to take a company private — something Mr. Musk has said he will do with Twitter — in at least two decades, according to data compiled by Dealogic.