On Monday April 25, 2022, The board of Twitter agreed to a $44bn (£34.5bn) takeover offer from the world’s richest man Elon Musk.
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Twitter Inc. initially rebuffed Elon Musk’s bid, but as things stand, it will ask shareholders to vote to approve the deal.
Elon Musk’s takeover comes as Twitter faces growing pressure from politicians and regulators over the content that appears on its platform.
Among other ideas, Elon Musk as suggested allowing longer posts and has also talked about introducing the ability to edit tweets after they have been published.
Elon Musk is currently the richest person in the world and as of 14 April, 2022 he was worth $269.7bn (£212bn), according to Forbes.
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Elon Musk owns 21 per cent of Tesla but has pledged more than half his stake as collateral for loans.
Elon Musk contributed much of Tesla’s funding in its early days and has been CEO since 2008.
On 14 April, 2022 Musk announced an offer to buy the social media platform for $54.20 (£42.20) per share, or about $43bn (£33.5bn), but did not say at the time how he would finance the acquisition.
Last week, Elon Musk said in documents filed with US securities regulators that he would pay $21bn for the company himself and that the rest of the money would come from Morgan Stanley and other banks, some of it secured by his huge stake in electric car maker Tesla.
It is not yet known how Elon Musk’s take over of Twitter will affect his net worth as the details of the financing has not yet been made public.
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