Elon Musk acquires Twitter for $44 billion

New York, April 25

Elon Musk clinched a deal to buy Twitter Inc for $44 billion in cash on Monday in a transaction that will shift control of the social media platform populated by millions of users and global leaders to the world’s richest person.

It is a seminal moment for the 16-year-old company that emerged as one of the world’s most influential public squares. Discussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer.

Under pressure, Twitter started negotiating with Musk to buy the firm at the proposed $54.20 per share price.

“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. — Reuters