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The Richest Man Elon Musk Buys Twitter For US$44 Billion

The Richest Man Elon Musk Buys Twitter For US$44 Billion

The richest man in the world, Elon Musk, clinched a deal to buy Twitter Inc (TWTR.N) for $44 billion cash on Monday.

Political activists expect that a Musk regime will mean less moderation and reinstatement of banned individuals including former President Donald Trump but some human rights activists voiced fears of a rise in hate speech. 

Discussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer.

Under pressure, Twitter started negotiating with Musk to buy the company at his proposed $54.20 per share price. Musk said in a statement:

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.

Former Twitter CEO Jack Dorsey weighed in on the deal late on Monday with a series of tweets that thanked both Musk and current Twitter CEO Parag Agrawal for “getting the company out of an impossible situation.” He said:

Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step.

Twitter shares rose 5.7% on Monday to finish 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.

Even so, the offer is well below the $70 range where Twitter was trading last year.

Jonathan Boyar, managing director at Boyar Value Group which holds a stake in Twitter said:

I think if the company were given enough time to transform, we would have made substantially more than what Musk is currently offering.

If the public markets do not properly value a company, an acquirer eventually will.

Twitter said Musk secured $25.5 billion of debt and margin loan financing and is providing a $21 billion equity commitment.

Musk, who is worth $268 billion according to Forbes, is chief executive of both electric car maker Tesla Inc (TSLA.O) and aerospace company SpaceX, and it is not clear how much time he will devote to Twitter or what he will do.

The Twitter transaction was approved by the company’s board and is now subject to a shareholder vote. No regulatory hurdles are expected, analysts said.

More: Reuters


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22 Comments

Maveable 3 weeks ago

Vamwe vanhu vane Mari


mr carter 4 weeks ago

i wish there was another option.my mom has suffered enough already. maybe a clean deal or a beta loan


mr carter 1 month ago

this is good.i have a real passion for greatness but i dnt hve any connections or good standards. i really nid a hand.wht shld i do


retikunaka 1 month ago

rape your mom collect the semen and come to gorongoza mozambique
we will introduce you to uncle mycoro
he is the one who initiate powerful politicians
mbinga

Elon Musk wife 1 month ago

Thank you citizens for supporting our notion
may the good Lord grant your desires
technology is moving with time this app wont be paying much and t might make us make uncalculated loses
remember they was Viber,yomix,etc those apps now absolete and no1 is using them


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Elon Musk 1 month ago

And please tell Passion Java to stop calling me. I don't need another Garden boy and 'm occupied for the moment.


Zuze 1 month ago

Elon Musk, please just come and buy Zimbabwe, privatise it and we will be free of these geriatrics who are clinging onto power


263 1 month ago

kkk true dat

zimbo 1 month ago

he could have downloaded it for free on playstore 😒


👽 1 month ago

ahh kkk come on

og 1 month ago

😂😂😂😂

freda 1 month ago

kkkkk lol

freda 1 month ago

44 billion is enough to buy 440 thousand dzimba dzema $100 thousand and if you collect a rent ye usd$500 a mnth that is abt $220million a month income.So you will be making abt $7.3 million a day ndokuti $300 000 per hour.So ini ndozoshaya $10 yedata sei pa30 days.pakashaishika ipapo.Need to change my approach panyaya dzemari.


freda lite 1 month ago

mdhars mari haidi simba kuti iite,haini nharo kana kuda kureasoner maningi
kana wada kuyiita t wont took 3months unenge waakurira
money jus need connection u jus need sm1 who will induct u in the system

go an see Mr T,aftrr that leave ab c ti R ,mapaper otofamba boom mave kuma signature

ian 1 month ago

maths bro 💪💪💪💪

passion 1 month ago

haaaa muri mbinga yemashuwa mdhara...level renyu handisati ndasvika


Elon Musk 1 month ago

that's a small amount to me guys because its not even ⅛ of my wealth


tr7th 1 month ago

1 eighth lol

Designer 1 month ago

Kkk cash

elon musk 1 month ago

44 billion cash..🤔🤔🤔🤔


Designer 1 month ago

It would be other very liquid form of assets


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