The billionaire SpaceX
and Tesla CEO will acquire the social media platform for $54.20 per share in a deal worth about $44 billion, Twitter representatives announced today
Musk said in a statement said
"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,"
"I want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, and authenticating all humans,"
Elon Musk is one of Twitter's
most influential and popular users, with more than 83 million followers. He frequently uses the site to give updates about his companies and projects
His acquisition of Twitter has
een brewing for weeks now. On April 4, it was announced that Musk had purchased a 9.2% stake in the company, becoming its single largest shareholder.
Twitter took some time
to think about it. The company ultimately decided to accept the deal, which is expected to close this year.