It’s official: Elon Musk is buying Twitter for $44 billion.
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(Pocket-lint) – Twitter has accepted the offer to buy tech entrepreneur and billionaire Elon Musk for $44 billion.
Twitter announced that Musk bought Twitter at $54.20 per share, the same price mentioned in its initial offer on April 14, 2022. In a press release on Monday, Musk said he wanted to make the social network better than ever by “enhancing the product with new features, making algorithms open source to increase trust, defeating spambots, and authenticating all humans”.
Mr. Musk also laid out his financing plan for the deal in a filing with the SEC last week, saying it was $25.5 billion in loans and $21 billion in own funds.
It’s still unclear what changes Musk will implement at Twitter. When Mr Musk first offered to buy Twitter earlier this month, he revealed he had bought a 9.2% stake in the company, making him the largest individual shareholder in the company. Twitter at the time. Then, after revealing his participation, he polled Twitter users about an “edit” button, but Twitter was already in the process of developing such a feature.
Elon Musk (@elonmusk) April 25, 2022
Elon Musk also criticized moderation on Twitter. At TED 2022, he said he believes “the civilizational risk is that much lower the more trust we can build in Twitter as a public platform.” And in his statement on Monday, Musk noted, “Free speech is the foundation of a functioning democracy, and Twitter is the digital public square where issues vital to the future of humanity are debated.”
However, despite concerns about where Twitter will go from now on, Twitter CEO Parag Agrawal praised the deal in the statement. “Twitter has purpose and relevance that impacts the world,” Agrawal said. “Deeply proud of our teams and inspired by the work that has never been more important”.
Written by Maggie Tillman.