Business

Elon Musk Purchases Twitter For $44bn

Published

25 April 2022

9:21 PM

George Oshogwe Ogbolu

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World richest man Elon Musk has received a breakthrough in his bid to purchase popular social media platform, Twitter.

Naija News reports that Twitter on Monday confirmed it has accepted the $44 billion bid by the billionaire entrepreneur.

Recall that the Twitter board had introduced a ‘poison pill’ to scuttle moves by Musk to buy the microblogging platform.

In a joint statement to announce his takeover , Elon Musk 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.”

Musk, the owner of Tesla, had initiated his bid to take over Twitter by purchasing a major stake earlier this month.

Twitter board chair Bret Taylor said the body “conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing.

“The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”