Credits: Instagram
On Monday (April 26th), Elon Musk agreed to buy Twitter Inc (TWTR.N) for $44 billion, transferring control of the social media site populated by users worldwide and world leaders to the world’s wealthiest man.
Discussions over the deal, which appeared to be stalled last week, heated up over the weekend after Musk wooed Twitter shareholders with financing specifics of his offer. Under pressure, Twitter began negotiating with Musk to buy the company for $54.20 per share.
The transaction marks the end of Twitter’s tenure as a public company, which began with its initial public offering in 2013. Following the announcement, Twitter’s stock rose about 6%.
“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,” Musk said in a statement.
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