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Musk Buys Twitter for $44B

Yup. That’s billion with a B. On Monday, Twitter announced that it had agreed to be sold to billionaire Elon Musk for $44 billion.

The deal, which will take the company private, caps off a whirlwind period in which the Tesla and SpaceX CEO became one of Twitter’s largest shareholders, was offered and turned down a seat on its board, and bid to buy the company — all in less than a month.

Under the terms of the deal, shareholders will receive $54.20 in cash for each share of Twitter stock they own, matching Musk’s original offer and marking a 38% premium over the stock price the day before Musk revealed his stake in the company.

“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 on Monday. “Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”

Musk has more than 83 million followers on Twitter.

Musk has repeatedly stressed in recent days that his goal is to bolster free speech on the platform and work to “unlock” Twitter’s “extraordinary potential.”

In his statement Monday, Musk said he wants to “make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust,

David Flamm

O 410-616-9186 C 718-404-5598 david@flammins.com

www.flammins.com

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