Tesla chief executive Elon Musk is the new owner of Twitter after his offer to buy the company for US$54.20 (A$75.55) a share made on 14 April was unanimously approved by the board on Monday.
The transaction values the company at about US$44 billion (A$61.3 billion) and Twitter will become a private company once the deal is completed.
In a statement, the company said the sale price was a 38% premium on Twitter’s closing stock price on 1 April, the last trading day before Musk disclosed he had bought a 9.2% stake in Twitter. The filing came to light on 4 April, but the shares were bought on 14 March.
I hope that even my worst critics remain on Twitter, because that is what free speech means
— Elon Musk (@elonmusk) April 25, 2022
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 chief executive Parag Agrawal said in a tweet: “Twitter has a purpose and relevance that impacts the entire world.
what will elon change? some think practically nothing b/c of constraints. but even modest changes in hate speech, harassment, newsworthiness, anonymity, disinfo & other policies could have a disproportionate impact – on users, the platform, public debate, institutions.
— David Kaye (@davidakaye) April 25, 2022
“Deeply proud of our teams and inspired by the work that has never been more important.”
The statement said the transaction was expected to close in 2022.
It added that Musk had secured US$25.5 billion of fully committed debt and margin loan financing and was providing an approximately US$21.0 billion equity commitment. No financing conditions had been laid down for closing the transaction.
The world’s richest man is taking over sole possession of a global social media platform used by the world’s journalists, scientists, governments, private citizens, businesses, religions, militaries and health/emergency services to share all vital information and it’s only Monday
— Luke Zaleski (@ZaleskiLuke) April 25, 2022
FWIW, I may shit talk Musk a lot but I actually don’t hate him at all. He was the one who gave me hope that maybe us awkward nerds aren’t doomed to be ignored for eternity. But these past few years a lot of his behavior has been bordering on dangerous and needs to be addressed.
— Marcus Hutchins (@MalwareTechBlog) April 25, 2022
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