Elon Musk buys social network Twitter for $ 44 billion

Updates: 25.04.2022 22:27

New York – US billionaire Elon Musk has agreed to buy the Internet company Twitter for $ 44 billion. The company announced it today. Musk will gain control of the influential social network used by millions of people around the world. Following the completion of the transaction, Twitter shares will be withdrawn from the exchange they entered in 2013.

Already in early April, Musk announced that he had bought a share of about nine percent on Twitter. In mid-April, he came up with an offer to take over the entire company. The company said today that its board of directors unanimously approved the transaction. Now the agreement has yet to be approved by shareholders and regulators.

“Under the terms of the agreement, Twitter shareholders will receive $ 54.20 in cash for each common stock,” the company said today. Shares of the company rose nearly 5.7 percent today and closed at $ 51.70.

According to Musek, it is necessary for Twitter to be transferred to private ownership in order for it to develop and become a real platform for free expression.

“Freedom of speech is the foundation of a functioning democracy, and twitter is a digital square where fundamental issues for the future of humanity are discussed,” Musk said in a press release to Twitter today. “Twitter has huge potential. I look forward to working with this company and the user community to leverage it,” he added.

Musk is the head of Tesla and the richest man in the world. Both Time magazine and the Financial Times named him Personality of the Year last December.

The White House declined to comment on the takeover of Twitter today. However, he noted that President Joe Biden has long been concerned about the power of social media and its ability to spread misinformation.

The social network Twitter was opened to the public almost 16 years ago, on July 15, 2006. It allows users to post and read posts posted by other users, known as tweets.

Source: České noviny – hlavní události by www.ceskenoviny.cz.

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