Elon Musk buys Twitter for $44 billion, and the social media company will go private

Twitter announced on Monday that Elon Musk has officially acquired the social media platform for $54.20 per share in a deal worth $44 billion. After the transaction is completed, Twitter will move to a private company. Musk acquires social media platform Twitter – aiming to promote freedom of expression and unleash the potential of tweets. Tesla's Elon Musk officially acquired Twitter on April 25, 2022, in a deal valued at $44 billion.

The deal came 21 days after Musk acquired a 9.2% stake in Twitter on April 4. The per-share price of $54.20 will give shareholders a 38% premium over Twitter's closing stock price on April 1. This was Twitter's last trading day before Elon Musk's bid to buy the social media company.

"Twitter's Board of Directors conducted a thoughtful and comprehensive process to evaluate Elon's proposal with a deliberate focus on value, certainty and financing," Brett Taylor, Twitter's independent chairman, explained during the acquisition announcement. "The proposed transaction would provide a significant cash premium, and we believe it is the best path forward for Twitter shareholders." Elon Musk also made a statement during the announcement of the acquisition on Monday and highlighted how freedom of expression is needed in society.

Musk explained, “Freedom of expression is the cornerstone of a functioning democracy, and Twitter is the digital city square where issues vital to the future of humanity are discussed.” The Tesla CEO and current owner said on Twitter. I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeat spam bots, and authenticating all humans.

Twitter has huge potential – I look forward to working with the company and user community to unlock it. Furthermore, Musk explained last week how he wanted to improve Twitter by making the account verification process easier, and possibly implementing Dogecoin payments.

Since news broke earlier this morning that Musk was negotiating with Twitter, Dogecoin prices are up 26.3% today. Following the acquisition announcement, Dogecoin added 10% to its total 24-hour percentage gain.