After purchasing a 9.2% share in Twitter Inc. a few days ago, Elon Musk has formally struck a deal to buy the company for $44 billion.
According to Forbes magazine, Elon Musk is the world’s richest person, with a net worth of $273.6 billion, largely due to his ownership of electric vehicle producer Tesla, which he also controls. He is also the CEO of SpaceX, an aerospace company.
After the acquisition is completed, Twitter will become a privately held company, and its shares will no longer be traded on any stock exchange.
“Free speech is the foundation of a functional democracy, and Twitter is the digital town square where critical issues affecting humanity’s future are argued,” Musk added. “I also want to make Twitter better than it has ever been by adding new features, opening up the algorithms to increase trust, beating spambots, and authenticating all humans. Twitter has enormous potential, and I’m excited to work with the company and the Twitter community to realize it “, he went on.
Musk has gotten $25.5 billion in “fully committed debt and margin loan financing” and is funding the purchase with around $21 billion of his own money.
It was unclear what the breakup cost would be or who would lead the new company at the time.
Elon Musk, the 50-year-old CEO of rocket company SpaceX, has claimed he wants to fight trolls on Twitter and has proposed modifications to the Twitter Blue premium subscription service, such as lowering the price and banning advertising.
The billionaire, who has been an outspoken supporter of cryptocurrencies, has also urged that Twitter accept dogecoin as a payment option.
Image Copyright: SkyNews