Elon Musk is set to pay R689 billion for Twitter!!
Elon Musk, a billionaire entrepreneur, has agreed to acquire Twitter for $44 billion, in one of the most leveraged buyout deals in history, to take private a 16-year-old social networking site that has become a focal point of public discussion and a flashpoint in the argument over online free speech.
Twitter stated in a statement on Monday that investors will get $54.20 for each share they own. The price is 38% higher than the stock's close on April 1, the final business day before Musk revealed a large interest in the firm, causing a market boom. The announcement caused a stop in Twitter shares.
Musk, who has more than 83 million followers on Twitter, began acquiring a 9 percent stake in the company in January. By March, he had increased his criticism of Twitter, claiming that its algorithms are prejudiced and that its feeds are clogged with artificial rubbish postings.
He also claimed that bots were inflating Twitter's user growth. He proposed to take Twitter private on 14 April after rejecting an invitation to join the company's board of directors, stating he'd make the platform a stronghold of free expression and dropping other hints about the changes he'd make as an owner.
Elon Musk tweeted after the acquisition of Twitter, "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 on Monday. "Twitter has tremendous potential—I look forward to working with the company and the community of users to unlock it."
The board of directors unanimously authorized the purchase, which is anticipated to close later this year. Musk obtained $25.5 billion in debt and margin loan funding, as well as around $21 billion in equity, according to the announcement.
The media reacted differently to the acquisition of Twitter by Elon Musk.
"Elon Musk deserves the Presidential Medal of Freedom," tweeted Anthony Sabatini, a Florida state lawmaker running for Congress.
Last week, UK-based conservative TikToker "Politics Max" released a video expressing joy over the deal, while Monica Crowley, a former US Treasury official, said on Twitter, "Suck it, communists."
"There are several models for where this site will most likely go. I spend the entire day on those websites. For a living, I cover extremism and falsehoods. You're not going to enjoy it, "NBC reporter Ben Collins took to Twitter to express his thoughts.
BY: survive khoza
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