Elon Musk Now Owns Twitter
Well people it has happened, Elon Musk has officially bought Twitter. Twitter said Monday it has agreed to sell itself to Elon Musk in a roughly $44 billion deal that has the potential to expand the billionaire’s business empire and put the world’s richest man in charge of one of the world’s most influential social networks.
“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 Monday. “Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”
This statement is similar to the letter that Musk wrote a letter to Twitter Chairman Bret Taylor a little less than a month ago stating, “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company. As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder. Twitter has extraordinary potential. I will unlock it.”
According to CNN, The deal, which was unanimously approved by Twitter’s board, is expected to close this year. It comes after Musk revealed last week, he had lined up $46.5 billion in financing to acquire the company, an apparent turning point that forced Twitter’s board to seriously consider the deal. The board met Sunday to evaluate Musk’s offer.
“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” Twitter independent board chair Bret Taylor said in a statement, calling the deal ” the best path forward for Twitter’s stockholders.”
There is a mixed reaction to Elon getting Twitter some are for it and others are against it.
But as we’ve stated here on DETV before “If Musk gets full ownership of Twitter (well now he does), it might be the day that changes social media for the better or the worse, only time will tell. Stay tuned…”