Home » Social » Just in: Elon Musk buys Twitter
Elon Musk
Musk

Just in: Elon Musk buys Twitter

Elon Musk has completed the takeover of Twitter as the board of directors accepts the entrepreneur’s $44 billion offer after initial resistance

Advertisement

IT News Nigeria:

Elon Musk, the world’s richest man, has finally succeeded in acquiring the social media firm Twitter. The microblogging platform’s board of directors accepted Musk’s $44 billion offer to take the company private.

“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 purchase. “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.”

Earlier, Report emerged that Musk Twitter Buyout On Track For MONDAY After Shareholders Beg Board.


Elon Musk’s Twitter romance took another twist on Sunday as it emerged representatives of the Tesla CEO had reportedly restarted negotiations for a takeover bid, with a deal possibly being closed as early as Monday according to CNBC.

The billionaire pitched the takeover bid for Twitter earlier this month at $54.20 per share, shortly after he bought a 9.2% share of the company on April 4. Twitter shares at the time were trading below $40 per share.

However, Twitter’s board was originally reluctant to accept the bid and even enacted a shareholders’ rights plan known as a ‘poison pill’ to protect the company from what it deemed a hostile takeover. But earlier this week, reports emerged that Twitter executives had begun warming up to discussing the deal.

READ ALSO  Now you can send that talk: Twitter Introduces voice tweets


Last Thursday Musk announced he’d secured significant backing from Morgan Stanley for his $43BN bid – reportedly leading to stakeholder confidence – but sources claim certain securities in the event of the deal collapsing are holding up talks.
That didn’t stop Musk flirting with his 83MN followers Sunday morning with a typically cryptic tweet, simply saying “Moving on…” – from teasing Bill Gates for shorting Tesla stock.

Share This:

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

5g new ITR ncc regulator 3.5GHz Spectrum social media

Fears as NCC announces new overhauls to control social media

NCC says no responsible government will ...

WhatsApp

WhatsApp discards old phones today as new update takes effect November 1

World’s leading Social media giant, WhatsApp ...

Facebook, Instagram 6hour outage: Users data for sale, other implications

Report has it that scraped data ...

Tencent

Tencent in new hot water over WeChat Youth Mode violations

China says it is suing Tencent ...

Quan

New Olympic diving sensation: Fans besiege Quan’s village for selfie

China’s teen diving sensation Quan Hongchan’s ...

Skip to toolbar