Today. Twitter announced they had accepted Elon Musk’s offer to buy the company. Since the news broke, the stock is up 5.64% but buying and selling has been halted for the day.
Musk, the world’s wealthiest person, said he wants to privatize Twitter, enhance the features and improve users’ right to free speech.
“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. “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. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
Musk said he would buy all of the company’s stock for $54.20 per share in cash, which is roughly $44 billion. Once the deal is complete, Musk has decided to make Twitter a private company.
The announcement comes after Twitter said Musk would join the company’s board. A week later, Musk decided he would rather own the company, offering to pay $54.20 per share, his “best and final.”