Elon Musk finally acquires the micro blogging site Twitter

Tags: Economy/Finance International News

South African born American billionaire Elon Musk on 28 October 2022 completed the acquisition of the microblogging site Twitter for $44 billion.

As part of the agreement, the world’s richest man will pay $54.20 per share to common shareholders and will consequently operate the social media giant as a private entity henceforth.

Billionaire and Chief Executive officer (CEO) of Tesla Elon Musk is now the new owner of Twitter and has fired the social media company’s four top executives, including Indian-origin CEO Parag Agrawal and legal executive Vijaya Gadde.

The 51-year-old has promised to transform Twitter by loosening the service's content moderation rules, making its algorithm more transparent and nurturing subscription businesses, as well as laying off employees.

Background to the deal 

On 14 April 2022 Twitter revealed in a securities filing that Musk has offered to buy the company outright for about $44 billion. 

On July 8, Musk says he will abandon his offer to buy Twitter after the company failed to provide enough information on the number of fake accounts. 

Twitter sued Musk on July 12 to force him to complete the deal. 

A court in Delaware, United States asked Musk to close the deal by 28 October 2022.

Twitter Company

The microblogging site was founded in 2006 in California, United States by Jack Dorsey, Evans Williams, Biz Stone and Noah Glass.

The social site provides an online microblogging service that distributes short messages of no more than 280 characters—called tweets.

Headquarters of Twitter: San Francisco, California, United States