Elon Musk buys Twitter for $44 billion.
After serious negotiations with Twitter's board, what seemed inevitable has finally come to fruition. Elon Musk is now the owner of the social media giant as both sides agreed to a massive $44 billion deal to cede control of the company to him. With the buyout, Twitter will transfer to being a privately owned company, joining The Washington Post and Time as just the latest in a string of media outlets to be snapped up by wealthy elites.
COLLIDER VIDEO OF THE DAY Musk, the owner of both SpaceX and Tesla, is considered the richest man in the world and is no stranger to utilizing Twitter for whatever suits his fancies at the time. He's also a controversial figure in the public space both for some of his statements on the platform and has received backlash for his tax payments. This purchase is only certain to add more fuel to the fire given the uneasy sentiment around billionaires controlling prominent media pillars.
"The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing," Twitter's independent board chair Bret Taylor said regarding the purchase. "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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