Twitter’s Board of Directors has agreed to a takeover offer from Elon Musk of $44 billion.
The Tesla conglomerate and the world’s richest man initially offered to buy Twitter for $54.20 on the 14th of April, not long after revealing he had a 9.2% stake in the company.
📢After the takeover confirmation Musk stated that “Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
📈Share prices rose +5% after the announcement, closing at $51.70.
With the company now going private, Twitter shares will be de-listed later on in the year.
The direction of the company is now uncertain, but with Musk being a big supporter of free speech there is likely to be much less moderation and restrictions, with banned users such as former US president Trump amongst others, being able to return to the social media platform.
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