The World richest man, Elon Musk, has reached an agreement to buy Twitter in a $44 billion deal that has officially been announced by the microblogging platform.
Without doubt the deal will expand the electric car maker’s fortunes and put him in control of one of the most sought after social media platforms.
The Tesla CEO initially proposed to buy the company but he was heavily criticized for making wild claims. However, Musk’s wish to buy Twitter has seen the light of day.
The deal has spelt out that each shareholder will receive $54.20 in cash per each share of Twitter stock owned.
The deal has been unanimously accepted by the Twitter board. This comes on the backdrop of Musk’s statement earlier this week that he has made $46 billion ready in purchasing the company. The board was forced to analyze Musk’s statement and met on Sunday to reach an agreement.
After the announcement of the deal, Twitter’s shares were up by 6%. Despite the deal being set, it is awaiting approval from shareholders and regulators.
Why Does Musk want to buy Twitter
Elon Musk has always advocated for free speech which he finds not been promoted on the microblogging platform.
And so in a tweet he revealed that “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.”
A lot of industry players are worried about Musk taking over Twitter with a mindset of free speech. According to some experts, Musk can introduce measures to stop hate speech, misinformation and other features of Twitter which makes it unique from other social media networks. We are yet to see the SpaceX CEO’s vision for Twitter.
Brief Biography About Elon Musk
Elon Musk was born in Pretoria, South Africa to a South African father and a Canadian mother.
He was raised in Pretoria.
He attended Waterkloof House Preparatory School, Bryanston High School and Pretoria Boys High School in South Africa.He also attended the University Of Pretoria before moving to Canada.
At age 12, he sold the code of a video game he created for $500.