Twitter acquired by Elon Musk for around $44 billion

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April 26, 2022, 11:34 AM GMT+0

Observers will be closely scrutinising the transaction, given that Twitter has over 217 million daily users and plays a significant role in shaping global narratives.

Twitter has announced its acquisition by Tesla and SpaceX CEO Elon Musk for around $44 billion. The Social Media platform, which has an outsized influence on global discourse, was acquired for $54.20 a share, a 38% premium over its stock price this month.

The deal came through after the world's richest man declared his more than 9% ownership in Twitter earlier this month and was offered a seat on the company's board. Musk, however, turned down the offer and instead made a bid to buy the entire firm. Twitter initially responded with a "poison pill" plan. But the board accepted the offer earlier this week after Musk revealed that he was able to obtain commitments worth $46.5 billion to finance his deal.

Musk emphasised the importance of free speech in a "functioning democracy" in a statement after the acquisition was confirmed. He also said that Twitter's technology would become more transparent and "defeat" spambots by "authenticating all humans" to increase trust. In the meantime, Twitter's CEO Parag Agrawal acknowledged the uncertainty ahead.

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