Musk gets Twitter for $44 billion

Elon Musk has finally reached an agreement to acquire Twitter for approximately $44 billion, around $54.20 per share, and all of it in cash.  

The microblogging site has been evaluating Musk’s offer for the past several weeks. Musk previously said that Twitter has "extraordinary potential" and he wants to unlock it all. 

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." 

??♥️ Yesss!!! ♥️?? pic.twitter.com/0T9HzUHuh6

— Elon Musk (@elonmusk) April 25, 2022

He says it needs to be transformed as a private company in order to build trust with users and do better at serving what he calls the "societal imperative" of free speech. 

However, after the sale is closed, the platform will become a privately held company. 

For Twitter, the 16-year-old company, it is a seminal moment as it emerged as one of the world's most influential public squares and now faces a string of challenges.   

The company’s 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. 

Musk, who is worth $268 billion according to Forbes, has said he is not primarily concerned with the economics of Twitter. 

In the meantime, Twitter CEO Parag Agrawal told employees of Twitter that the future of the social media firm is uncertain after the deal closes. 

"Once the deal closes, we don't know which direction the platform will go," Agrawal said at a town hall.

"Twitter has a purpose and relevance that impacts the entire world," Agrawal said in a tweet. "Deeply proud of our teams and inspired by the work that has never been more important."

Discussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer. 

It is pertinent to mention here that after Twitter banned Donald Trump over concerns around incitement of violence following the US Capitol attack by his supporters, Musk tweeted: "A lot of people are going to be super unhappy with West Coast high tech as the de facto arbiter of free speech".