Elon Musk Buys Twitter: Everything you need to know

Key points

  • On April 4, 2022, the multi-billionaire acquired 9.2 percent stake in Twitter with 73.5 million shares at a cost of around $2.4billion.
  • Today April 25, 2022, the announcement of the social media company being bought out with an agreed amount from the board of a $44 billion from Elon.
  • Twitter is now a privately owned company
  • Elon quoted with “best and final offer” of $54.20 per stock, which is a 38% premium per share.
  • The stock rose up nearly 6% after the announcement around $51.84.
  • Elon had to finance a line of credit of $46.5 billion.
  • The deal is expected to take the rest of the year to be completed.
  • Elon wants to promote more free speech on the platform and remove the high number of censorship and moderators.
  • Republicans and conservatives expressed delight in the news and looking forward to seeing the changes of a more uncensored social media, especially with right-wing opinions.
  • He also stated that Twitter will still abide by the laws in different countries it operates in.
  • Being the world’s richest person with a net worth of $273.6 billion, in a similar fashion to the previous world’s richest titleholder, Jeff Bezos, who bought a news media company –  The Washington Post was sold for $250 million in August 2013.
  • Elon shared his thoughts to take Twitter to the next level, “make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spambots, and authenticating all humans.” 

A couple of statements from Elon:

“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,”

“Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”