It’s official: Elon Musk is set to buy Twitter. Tesla CEO and billionaire will acquire the company in a deal worth $44 billion. Once the deal is complete, which is expected by this year, Twitter will become a privately held company. 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 tweeted to his 84 million followers. “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.”
Musk wrote, “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.” He also wrote in the filing, “Twitter has extraordinary potential. I will unlock it.”