Elon Musk is now the sole owner of Twitter. On Monday, Twitter accepted Musk’s offer to purchase the company for USD 44 million. In a press release, the company announced that Elon Musk has bought the company at USD 54.20 a share, which is the same as the initial offer earlier this month. With this buyout, Twitter is now a privately held company.
Following the announcement, Musk tweeted, “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 added, “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 the spam bots, and authenticating all humans.”
Here are 5 things you need to know about Elon Musk buying Twitter:
- Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own. The purchase amount is a 38 percent premium to Twitter’s closing stock price on April 1st.
- Following the Elon Musk buyout announcement, Twitter CEO Parag Agrawal told his employees in a call that there were no layoffs planned “at this time.” Some Twitter employees have expressed hostility over the idea of Musk owning the company. “There is indeed uncertainty about what will happen after the deal closes,” Agrawal told employees on Monday.
- Elon Musk has made it clear over the past few weeks that he wants Twitter to be a space for free speech. He said last week that Twitter should “open source the algorithm.” It is unclear what changes we will see in the coming months.
- Elon Musk had tweeted earlier about Twitter needing an edit button, which the company later confirmed it was working on bringing. Musk also expressed his desire to get rid of bots and de-clutter the platform.
- Earlier this month, Elon Musk had bought 9.2 percent of Twitter. The Tesla CEO now owns 100 percent of Twitter a few weeks later.