Elon Musk, the world’s richest man, agreed to acquire Twitter for $44 billion, ending a drama that included hostile takeover threats before handing him personal control of one of the world’s most powerful social media networks.
- According to Twitter, the publicly traded corporation will now become a private entity owned by Musk, who negotiated a $54.20 per-share purchase price.
- Musk secured $46.5 billion in funding last week to complete the deal, and Dan Ives, an analyst at Wedbush Securities, predicted earlier in the day that the board would likely approve his offer because no other buyer could be found.
- Twitter stock was trading 5.9% higher on Wall Street.
Elon Musk and Twitter:
Musk, who has blasted Twitter’s overzealous moderation, bought a 9% interest in the firm in April and then offered to buy the entire company altogether, citing a goal to preserve free speech.
Important Takeaways for All Competitive Exams:
- Twitter Founder: Jack Dorsey is an American Web developer and entrepreneur who co-founded the online microblogging service Twitter with Evan Williams and Christopher Stone in 2006.
- Twitter CEO: Parag Aggarwal