Musk: Twitter becomes marketplace for debates about the future of humanity26. April 2022
Musk: Twitter becomes marketplace for debates about the future of humanity
San Francisco, 4/26/2022
Twitter announced Monday that it has agreed to sell the company to Elon Musk for $54.20 per share in cash, or about $44 billion. Twitter will maintain its current operations, led by CEO Parag Agrawal, until the transaction closes in 2022.
It could take up to six months to complete the transaction, Agrawal told employees.
In a statement, Musk outlined basic considerations for the company’s future, including plans to open source Twitter algorithms to build trust.
By taking the company private, Musk hopes to improve Twitter’s product with new features. He expressed plans to defeat “the spam bots” and authenticate “all people.”
Musk emphasized that “free expression is the foundation of a functioning democracy, and Twitter will become the digital marketplace where matters important to the future of humanity are debated.
Twitter said Musk would provide about $21 billion. The Tesla CEO also assumed $25.5 billion in debt and margin loans.
The deal “will provide a significant cash premium, and we believe it’s the best path forward for Twitter shareholders,” said Bret Taylor, Twitter’s independent board chairman.