Elon Musk still buys Twitter - the deal amounted to $ 44 billion

Less than two weeks ago, Tesla and SpaceX CEO Elon Musk offered to buy Twitter. Now there is an official confirmation of the purchase.

Deal details

The agreement was unanimously approved by the company's board. The purchase will cost Musk $44 billion, based on $54.2 per share of common stock. This is 38% higher than the value of shares by the close of trading on April 1, on the eve of Elon Musk's announcement of the acquisition of the largest stake in the company - more than 9% of the shares.

All formalities are planned to be settled by the end of 2022. But first, the deal must be approved by regulators and shareholders.

From the very beginning, Musk said that he planned to change the form of ownership from public to private. He hopes to unleash the "incredible potential" of the company and believes that the social network can become one of the main tools for protecting the right to free speech around the world.

“Freedom of speech is the cornerstone of democracy, and Twitter is a digital forum for discussing topics that are vital to the future of humanity. I want to make Twitter even better - in particular, by launching new features, publishing algorithms in the public domain to gain user trust, get rid of spam bots, and verify the accounts of every living person. Twitter has great potential and I'm excited to work with the company and the user community to unleash it,” said Elon Musk.

Source: PRNewswire