Late on Monday, Twitter announced the social media company would be sold to Elon Musk for $44 billion.
In a statement, Twitter said. “Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction.” The purchase price represents a 38% premium to TWitter’s closing stock price on April 1st, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.”
According to the statement, Elon Musk said “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. 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. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”