Billionaire Elon Musk buys Twitter for $44 billion

Elon Musk twitter
  • Elon Musk, 50, is set to buy Twitter today, according to reports citing sources with knowledge of the situation.
  • Musk offered to purchase the social networking giant for $43 billion, or $54.20 a share, on April 14.
  • Twitter subsequently rejected the Tesla chief’s offer and announced a “poison pill” strategy to prevent him from buying more shares.
  • Last week, Musk disclosed that he had secured $46.5 billion to fund his bid, leading to a reconsideration of his offer.
  • The deal is expected to be announced after the market closes today or sooner.

After a weeks-long saga that involved cryptic tweets, doomsday fears and “poison pills,” Elon Musk has bought Twitter.

The billionaire, 50, acquired Twitter on Monday for approximately $44 billion, or $54.20 a share, the social media platform announced.

Musk, who most recently secured $46.5 billion to buy the social networking giant, was in negotiations with its board of directors earlier today, said two people with knowledge of the situation, according to The New York Times.

The world’s richest person and the 11-member board were reportedly discussing details such as timelines and fees to be paid if a deal was reached but fell apart. An agreement is expected to be announced after the market closes today or sooner, as per the Wall Street Journal.

Musk unveiled his plan to buy Twitter and take it private for $43 billion on April 14, noting that his $54.20-a-share offer was his “best and final.” Some employees reportedly panicked over what critics described as a “hostile takeover.”

In response, Twitter rejected Musk’s proposal and took a “poison pill” strategy, which sought to prevent him from buying more shares. But after the Tesla chief disclosed that he had lined up $46.5 billion for his bid, the company warmed up to negotiations.

Musk, an avid Twitter user, has denied any financial motivation for his bid, stressing that he hopes to solve the platform’s issues on free speech instead.

“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk said in his offer letter.

“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”

While still cryptic, Musk’s latest tweet as of this writing came with an air of finality, suggesting that an agreement may have been reached.

“I hope that even my worst critics remain on Twitter, because that is what free speech means,” he wrote.

Twitter users had mixed responses leading up to his purchase:

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