Twitter announced late on Monday April 25, 2022 that it had entered into a “definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion”.
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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.
Twitter has drawn several critics over its efforts to mediate misinformation on the platform.
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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.
Twitter, founded in 2004, ended 2021 with $5bn in revenue and 217 million daily users globally – a fraction of the figures claimed by other platforms such as Facebook.
Bret Taylor, chair of Twitter’s board, said it had fully assessed Elon Musk’s offer and that it was “the best path forward for Twitter’s stockholders”.
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