South African-born businessman Elon Musk buys Twitter for $44 billion

Business mogul Elon Musk has bought the microblogging platform Twitter for $ 44 billion.

“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,” Musk said in a joint statement announcing the takeover.

The South African-born entrepreneur had secured $46.5 billion for the takeover and proposed $54.20 per share, causing Twitter’s 11 board members to backtrack on their initial position to fight off the acquisition and re-examine the bid.

Twitter board chair Bret Taylor said the body “conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” according to the statement.

“The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

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