After weeks of speculation, the world’s richest man, according to Forbes, Elon Musk has finally acquired Twitter for approximately $44 billion in cash
This is coming after buying a 9% stake in the social media platform.
On April 25, Twitter’s board of directors announced the sale of the company to Musk, the billionaire CEO of Tesla and SpaceX, for approximately $44 billion in cash. The deal values each Twitter share, which traded at $51.60 when it was halted by the US Securities and Exchange Commission on Monday, at $54.20.
Musk is the world’s richest man, according to Forbes, with an estimated net worth of $268 billion.
“I hope that even my worst critics remain on Twitter because that is what free speech means,” Elon Musk twitted.
In another tweet that suggests he acquired Twitter to promote democracy and free speech, the billionaire businessman and owner os SpaceX noted that “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” said Mr. Musk.
“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 spambots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it”