- Elon Musk will buy Twitter for $44 billion, in a move which has sent the world spiralling into debates over the social media platform’s power
- The transaction was unanimously approved by the company’s board of directors, and will see shareholder’s receive $54.20 for each share held.
- In the past, Musk has criticised Twitter’s moderation, with many expecting former US President Donald Trump to now be reinstated on the platform
- Current President, Joe Biden has not commented on the deal, but has previously stated his concerns over the power of social media
- The transaction is expected to be complete this year and is subject to approval from stockholders
Elon Musk will buy Twitter for $44 billion, in a move which has sent the world spiralling into debates over the social media platform’s power.
The transaction was unanimously approved by the company’s board of directors, and will see shareholders receive $54.20 for each share held. This represents a 38 per cent premium to the company’s closing share price at the start of the month.
In the past, Musk has criticised Twitter’s moderation, with many expecting former US President Donald Trump to now be reinstated on the platform.
The social media giant previously banned Trump, after the US Capitol attack, over concerns his tweets were inciting violence.
Current President, Joe Biden has not commented on the deal, but has previously stated his concerns over the power of social media.
Elon Musk’s tweets have been known in the past to cause a high degree of volatility in cryptocurrency markets. The news of the purchase saw the price of Doge coin jump over 20 per cent.
“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.
“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.
“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
The transaction is expected to be complete this year and is subject to approval from stockholders.