World’s Richest Elon Musk to Acquire Twitter

Twitter on Tuesday announced that it has entered into a definitive agreement to be acquired by an entity owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion.

Further, a statement said Elon Musk has secured $25.5 billion of fully committed debt and margin loan financing and is providing an approximately $21.0 billion equity commitment. "There are no financing conditions to the closing of the transaction," it added.

The sale will put the Tesla chief executive in charge of a company that he has frequently criticized, claiming it has not lived up to its potential as a platform for “free speech”. 

"I want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it," Elon Musk said in a statement.

The Tesla co-founder has also spoken in the past about an ‘Edit Button’ on the platform and in fact even held a poll, where he deliberately misspelled yes and no, presumably to highlight that an edit button is needed given the typos that people tend to make while tweeting. It should be noted that Twitter has confirmed it will introduce an Edit button.