According to a report by the New York Times, the sale pushed through after the social media giant agreed to Musk’s ownership for $54.20 (around P2,800) a share. That figure is reportedly a 38% premium over Twitter’s share price prior to Musk becoming its biggest shareholder.
In total, the deal amounts to around $44 billion (P2.3 trillion). Musk released a short statement on Twitter following the sale, announcing plans to “enhance” the social media platform and sharing his excitement over the deal, which is expected to be finalized within the year.
Elon Musk buys Twitter
“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,” he said.
“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating spam bots, and authenticating all humans—I look forward to working with the company and the community of users to unlock it.”
With more than 84 million followers on the platform, Musk is easily one of Twitter’s most prominent users. You can argue that he’s also been one of its most eccentric, too. What do you think this development means for the company?
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