Twitter has finally agreed to Elon Musk‘s offer. So now, the Tesla CEO is the sole owner of the company. In a recent press release, the social media giant announced that Elon Musk has bought the company for a sizeable sum of 44 billion US Dollars.
As per the press release, the microblogging website stated that the Tesla and SpaceX Founder has bought the company at 54.20 US Dollars a share. In other words, this is the same as the initial offer that Musk had offered earlier this month. Through this purchase, Twitter will now become a privately held company by the time the acquisition is completed. At the moment, the deal is expected to close in 2022 and is subject to approval from Twitter stockholders, the receipt of applicable regulatory approvals, and more.
After the announcement, Elon even tweeted out saying 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. 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.”
Notably, Twitter CEO Parag Agrawal addressed his employees, stating that no layoffs were planned “at this time.” Although, some of the employees have expressed their discontentment with Musk buying the platform. Agrawal told his employees that “There is indeed uncertainty about what will happen after the deal closes.” Earlier this month, the Tesla CEO owned 9.2 percent of the company, but just a few weeks after, this number jumped to 100 percent.
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