Social Media

Elon Musk Buys Twitter, Here Is What You Need To Know

elon musk twitter
Image: BBC

Manifesting on Twitter seems to be working, or at least it has with the current owner. Elon Musk, the Tesla billionaire, has just recently bought Twitter for approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.

Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own. The transaction, which has been unanimously approved by the Twitter Board of Directors, is expected to close in 2022, subject to the approval of Twitter stockholders.

In this deal, Elon will use $25.5 billion of fully committed debt and margin loan financing. The rest of $21.0 billion will be funding in personal equity.

Elon Musk says his great focus is on free speech, taking to Twitter to explain what that looks like for him.

By “free speech”, I simply mean that which matches the law. I am against censorship that goes far beyond the law. If people want less free speech, they will ask the government to pass laws to that effect. Therefore, going beyond the law is contrary to the will of the people. Elon Musk

Additionally, Elon Musk plans to bring new features to the platform and fight against bots.

“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans.”

The twitter board seems to be sure of their decision. According to their chair, Elon Musk was a good choice based on value, certainty, and financing.

“The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.” Bret Taylor, Twitter’s Independent Board Chair.

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1 Comment

  1. […] it, if his tweets are something to go by. The latest is a lawsuit compelling Elon to honor his earlier deal, to acquire Twitter for $44 […]

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