Elon Musk strikes deal to buy Twitter for $44bn

New Delhi: Billionaire entrepreneur Elon Musk agreed to purchase Twitter Inc for $44 billion money, utilizing one of many greatest leveraged buyout offers in historical past to take personal a 16-year-old social networking platform that has change into a hub of public discourse and a flashpoint within the debate over on-line free speech.

Buyers will obtain $54.2 for every Twitter share they personal, the corporate mentioned in an announcement on Monday. The worth is 38% greater than the inventory’s shut on April 1, the final enterprise day earlier than Musk disclosed a big stake within the firm, sparking a share rally.

Twitter shares have been halted for the information. “Free speech is the bedrock of a functioning democracy, and Twitter is the digital city sq. the place issues very important to the way forward for humanity are debated,” Musk mentioned within the assertion.

“Twitter has super potential — I stay up for working with the corporate and the neighborhood of customers to unlock it.” “Twitter has a function and relevance that impacts the whole world,” its CEO Parag Agrawal tweeted.

“Deeply pleased with our groups and impressed by the work that has by no means been extra necessary.”

The all-cash deal is predicted to be accomplished later this yr. Musk secured $25.5 billion of debt and margin mortgage financing and can present about $21 billion in fairness to fund the deal, in response to the assertion.

Going personal marks a dramatic turnabout for a corporation that received its begin as a messaging service for sharing your standing updates with buddies, however rapidly blossomed right into a method for folks to broadcast brief posts of 140 characters or much less to a public following.

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