(1st UPDATE) '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,' says Musk
NEW YORK, USA – Elon Musk clinched a deal to buy Twitter for $44 billion cash on Monday, April 25, in a transaction that will shift control of the social media platform populated by millions of users and global leaders to the world’s richest person.
Musk himself also has described user-friendly tweaks to the service, such as an edit button and defeating “spam bots” that send overwhelming amounts of unwanted tweets. Twitter shares rose 5.7% on Monday to close at $51.70. The deal represents a near 40% premium to the closing price the day before Musk disclosed he had bought a more than 9% stake.“I think if the company were given enough time to transform, we would have made substantially more than what Musk is currently offering,” said Jonathan Boyar, managing director at Boyar Value Group, which holds a stake in Twitter.
Musk, who is worth $268 billion according to Forbes, has said he is not primarily concerned with the economics of Twitter. The Twitter transaction was approved by the board and is now subject to a shareholder vote. No regulatory hurdles are expected, analysts said.
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