Tesla CEO Elon Musk To Acquire Twitter For $44 Billion, Says Platform Has 'Tremendous Potential'

Twitter confirms the sale of the company to Elon Musk.

The official profile of Elon Musk on the social network Twitter. (Getty photo illustration)

Source : Getty

New Delhi: Billionaire Tesla CEO Elon Musk reaches a deal to acquire Twitter for approximately $44 billion on Monday. The deal was approved by the company’s board and is expected to be completed by the end of 2022, as per a Bloomberg report. 

Investors will receive $54.20 for each Twitter share they own, the company said in a statement on Monday.

The Twitter takeover deal comes a few weeks after Musk’s emergence as the platform’s largest shareholder on April 4. Musk declared his intentions of buying the microblogging platform in a $43 billion takeover bid on April 14.

As the deal is struck, it ends Twitter's run as a public company since its 2013 initial public offering. 

“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 announcing the deal on Monday.

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

🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6

— Elon Musk (@elonmusk) April 25, 2022

In a statement, Bret Taylor, Twitter’s chairman, said the board had “conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”