Twitter has announced it will be acquired by the richest person in the world, Elon Musk, for $54.20 per share in a cash deal valued at around $44B.

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The announcement followed hours after it got reported that Twitter’s board and Musk were in the final stages of negotiations early Monday morning over his bid to buy the platform.

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Under the terms of the deal, shareholders will receive $54.20 in cash for each share of Twitter stock they own once the deal is closed. This price represents Musk's original offer and marks a 38 percent premium over the stock price on April 1st, 2022, the day before Musk revealed his 9% stake in the company.

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Musk plans to unlock Twitter’s potential in a range of ways, including launching new features, making the algorithms open source to increase trust, banning all spambots, authenticating all humans, and his biggest promise, allowing free speech on the platform:

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"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,” said Musk.

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Later in the day, after Musk succeeded in his bid to take over Twitter, Jack Dorsey, the former CEO of the company shared his opinion on the move in a thread.

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"In principle, I don't believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness," Dorsey tweeted.

jack⚡️ @jack

The idea and service is all that matters to me, and I will do whatever it takes to protect both. 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.

April 26th 2022

3,326 Retweets24,514 Likes

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