Twitter announced on Monday that it had accepted Elon Musk’s offer to buy the company for $44 billion. This gives the billionaire – who is the richest person in the world – absolute control of the social media platform after the deal is approved.
Elon Musk buys Twitter for $44 billion
Musk paid the price he had offered earlier in the month, $54.20 per share, Twitter said in a press release. In a Securities and Exchange Commission filing on Friday, Musk said he had secured funding for the deal.
Here’s what Musk said in a statement:
Freedom of expression is the foundation of a functioning democracy, and Twitter is the digital public square where issues vital to the future of humanity are debated. I also want to make Twitter better than ever by improving the product with new features, making algorithms open source to increase trust, defeating spambots, and authenticating all humans. Twitter has enormous potential – I look forward to working with the company and the user community to unlock it.
The deal is subject to shareholder approval, which is expected sometime in 2022.
No one knows yet what effect Musk will have Twitter on the social media platform. Or when changes are made to it. But Musk has made it clear in statements that he thinks Twitter should ease content moderation and user banning.
Additionally, he also hinted that Twitter could remove ads from Twitter Blue subscriptions, integrate Dogecoin as a payment option, and add an “Edit” button so people can edit what they tweeted.
First shareholder, brief member of the board of directors
Musk became Twitter’s largest individual shareholder earlier this month. And for a very short time he joined the company’s board of directors. But he stepped down from the job as it would prevent him from owning more than 14.9% of the company. Instead, he made an offer to buy the whole business.
Soon after, Twitter rolled out a “poison pill” plan to fend off hostile takeovers by making them too expensive. And apparently some Twitter employees were “appalled” or “concerned” about Musk taking over the company.