Elon Musk Purchases Twitter for $44 Billion, Social Media Company Will Transition to a Private Company – Bitcoin News

Twitter on Monday announced Elon Musk’s official acquisition of the social media platform at $54.20 per share. This transaction is valued at $44billion. Twitter will become a privately held company after the transaction is completed.

Musk Acquires Social Media Platform Twitter — Aims to Enhance Free Speech and Unlock Twitter’s Potential

Tesla’s Elon Musk officially acquired Twitter on April 25, 2022, in a transaction valued at $44 billion. This deal was 21 days after Musk had taken a 9.2% share in Twitter Inc. The $54.20 per share price will give shareholders a 38% premium to Twitter’s closing stock price on the first of April. That was the last trading day Twitter had prior to Musk’s offer to purchase the social media firm.

“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” Bret Taylor, Twitter’s independent board chair explained during the acquisition announcement. “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

Elon Musk made an additional statement on Monday during the acquisition announcement. He stressed how important free speech was in our society. “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 explained. Tesla CEO and Twitter owner Musk further explained:

Also, I want Twitter to be better than ever. This includes enhancing it with new features and making algorithms open-source to increase trust. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.

Musk also explained last week how he wants to make Twitter easier by making account verification more simple and possibly even implementing dogecoin payment. Today’s dogecoin price surge has been 26.3% after news that Musk had been negotiating with Twitter. DOGE’s 24-hour gains in percentage gained 10% after the announcement of its acquisition.

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Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been an active member ever since. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 5,000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.