April 26,2022: Billionaire Elon Musk has reached an agreement to acquire Twitter for approximately $44 billion, the company said. The outspoken Tesla CEO, the world’s wealthiest person, has said he wants to buy Twitter because he thinks it’s not living up to its potential as a platform for “free speech.”
It is a seminal moment for the 16-year-old company that emerged as one of the world`s most influential public squares and now faces a string of challenges.
Musk has criticized Twitter`s moderation, calling himself a free speech absolutist, said that Twitter`s algorithm for prioritizing tweets should be public and criticized giving too much power on the service to corporations that advertise.
Political conservatives hope that a Musk regime would mean less moderation and reinstatement of banned individuals including former President Donald Trump. Musk himself also has described user-friendly tweaks to the service, such as an edit button and defeating “spam bots” that send overwhelming amounts of unwanted tweets.
Discussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer.
Under pressure, Twitter started negotiating with Musk to buy the company at the proposed $54.20 per share price.
Twitter shares rose 5.7% on Monday to close at $51.70. The deal represents a near 40% premium to the closing price the day before Musk disclosed he had bought a more than 9% stake.
