(CTN News) – Twitter announced Monday that it was selling itself to Elon Musk in a $44 billion deal that could expand the billionaire’s business empire and place the world’s richest man in control of one of the world’s most influential social networks.
Tesla and SpaceX CEO Elon Musk has become one of Twitter’s largest shareholders, turned down a seat on its board, and tried to buy the company in less than a month.
This deal will see Twitter shareholders receive $54.20 per share in cash, matching Elon Musk’s original offer and marking a 38% premium over the stock price the day before Musk revealed his stake.
Tweets are the digital town squares where matters vital to humanity’s future are debated, Elon Musk said in a statement Monday. “Twitter has tremendous potential, and I look forward to working with Twitter and its users to realize it.”
According to Forbes’ ranking of the world’s richest people, the net worth of the CEO of Tesla and SpaceX has risen to a stratospheric $300 billion.
Elon Musk, 50, has an advantage of more than $100 billion over Jeff Bezos, founder of Amazon and owner of Blue Origin, Musk’s rival in space.
What Elon Musk means for Twitter
Elon Musk is both a high-profile and controversial Twitter user. Over the years, he has used the platform to share memes and discuss his companies as well as insult politicians and spread misleading statements about Covid-19 and make offensive remarks about the transgender community.
Elon Musk has repeatedly stated that his aim is to protect free speech on the platform and “unlock” Twitter’s “extraordinary potential.”
Elon Musk stated in a statement Monday that he wants to “make Twitter better than ever by enhancing the product with new features, making algorithms open source to increase trust, defeating spam bots, and authenticating all humans.” Musk also tweeted Monday that he hopes “even my worst critics remain on Twitter because that’s what free speech is.”