It's confirmed! Elon Musk takes control of Twitter for $44B

Published April 26, 2022, 2:00 PM

by Jane Kingsu-Cheng

Yes, it is official! The long wait is over as the whole world kept track of the ongoing deal between Twitter, Inc. and Elon Musk.

Elon Musk IG

On April 25, Twitter Inc. announced that they have come to an agreement with Elon Musk. He now wholly owns Twitter, and paid an approximate of USD44 billion with a value of USD54.20 per share in cash. “Upon completion of the transaction, Twitter will become a privately held company,” it states in the press release.

“The Twitter Board 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,” says Twitter’s Independent Board Chair Bret Taylor.

Twitter’s CEO Parag Agrawal adds, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”

“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 continues. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential—I look forward to working with the company and the community of users to unlock it.”

 
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