At the time of writing this article, Twitter is wholly owned and operated by Tesla and SpaceX boss Elon Musk. The richest person in the world now owns the largest social media platform.
Musk bought the company for $54.20 a share. Well, this is the same price as stated in his first bid on April 14.
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In a statement, Elon Musk stated that,
“Freedom of speech is the foundation of a functioning democracy, and Twitter is the digital city square where issues vital to the future of humanity are discussed.”
He added that,
“I also want to make Twitter better than ever by improving the product with new features, making the algorithms open source to increase trust, defeat the spam bots and authenticate all people.”
Bret Taylor, Twitter’s independent board chairman, said in a statement, “The Twitter board has conducted a thoughtful and comprehensive process to review Elon’s proposal with a conscious focus on value, certainty and funding.”
According to Twitter, the transaction was unanimously approved by its board of directors, which consisted of 11 members, including Twitter co-founder and former CEO Jack Dorsey.
Under the deal, shareholders will receive $54.20 in cash for each Twitter share they own.
As of now, it is unclear to anyone what impact Elon Musk will have on Twitter or what changes he will bring to the table. Share your thoughts and thoughts on this deal in the comments section below.