Billionaire entrepreneur Elon Musk agreed to buy Twitter Inc for $44 billion cash, using one of the biggest leveraged buyout deals in history to take private a 16-year-old social networking platform that has become a hub of public discourse and a flashpoint in the debate over online free speech.
Investors will receive $54.2 for each Twitter share they own, the company said in a statement Monday. The price is 38% more than the stock’s close on April 1, the last business day before Musk disclosed a significant stake in the company, sparking a share rally.
Investors will receive $54.2 for each Twitter share they own, the company said in a statement Monday. The price is 38% more than the stock’s close on April 1, the last business day before Musk disclosed a significant stake in the company, sparking a share rally.
♥️ Yesss!!! ♥️💫🚀 https://t.co/0T9HzUHuh6
— Elon Musk (@elonmusk) 1650915802000
Twitter shares were halted for the news. “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 the statement.
“Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.” “Twitter has a purpose and relevance that impacts the entire world,” tweeted its CEO Parag Agrawal.
“Deeply proud of our teams and inspired by the work that has never been more important.”
,