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Twitter has been purchased by Elon Musk, the CEO of Tesla and SpaceX. The revelation was confirmed by social media, which said that a corporation controlled by Elon Musk bid $54.20 per share in cash to buy Twitter. Musk paid $44 billion for Twitter. Twitter will now be a privately held corporation.

“The Twitter Board went through a thorough and deliberative process to evaluate Elon Musk’s proposal, focusing on value, certainty, and financing. The proposed transaction will generate a significant cash premium, and we believe it is the best path ahead for Twitter’s stockholders,” said Bret Taylor, Twitter’s Independent Board Chair.

Each Twitter share will be worth $54.20 in cash, almost 38% more than its closing share price on April 1, 2022.

“Twitter serves a global purpose and has global relevance. We are immensely proud of our teams and motivated by work that has never been more critical. Free speech is the backbone of a functional democracy, and Twitter is the digital town square where important issues affecting humanity’s future are argued,” said Mr. Musk.

“I also want to make Twitter better than ever before by adding new features, opening up the algorithms to boost trust, combating spam bots, and authenticating all humans. Twitter has enormous potential, and I’m excited to work with the company and the Twitter community to accomplish it,” stated Twitter CEO Parag Agrawal.

Musk has obtained $25.5 billion in fully committed debt and margin loan funding, as well as an equity commitment of $21.0 billion. Meanwhile, before the market opens on April 28, 2022, Twitter aims to post its first-quarter fiscal year 2022 statistics.

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News Source: News 18