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Musk buys Twitter for $44 billion.  And stocks go up

Musk buys Twitter for $44 billion. And stocks go up

American billionaire Elon Musk has agreed to buy the Internet company Twitter for $44 billion. The company announced today. Musk will control the influential social network used by millions of people around the world. After the transaction is completed, Twitter posts will be withdrawn from the exchange that entered in 2013.

Already in early April, Musk announced that he had bought a stake of about nine percent on Twitter. In mid-April, he made an offer to take over the entire company. The company said today that its board of directors unanimously approved the deal. Now the agreement has not been approved by the shareholders and regulators.

“Under the terms of the agreement, Twitter shareholders will receive $54.20 in cash per common share,” the company said today. The company’s shares rose about 5.7 percent today and closed at $51.70.

According to Musk, it is necessary to move Twitter into private ownership in order for it to develop and become a true platform for free expression.

“Freedom of expression is the foundation of a functioning democracy, and Twitter is a digital arena where issues fundamental to the future of humanity are discussed,” Musk said in a press release on Twitter today. “Twitter has tremendous potential. I look forward to working with this company and the user community to use it.”

Musk is the head of Tesla and the richest man in the world. Time magazine and Financial Times named him Person of the Year last December.

The social network Twitter was opened to the public nearly 16 years ago, on July 15, 2006. It allows users to post and read posts made by other users, known as tweets.