NEW YORK CITY, April 25 (Reuters) – Elon Musk has struck a $ 44 billion deal to buy Twitter Inc. (TWTR.N) on Monday in a transaction that will transfer control of a social media platform populated by millions of users and global leaders to the richest man in the world.
This is a fundamental moment for the 16-year-old company, which is emerging as one of the most influential public squares in the world and now faces a number of challenges.
Discussions on the deal, which seemed uncertain last week, accelerated over the weekend after Musk lured shareholders to Twitter with details on the financing of his offer.
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Under pressure, Twitter began negotiations with Musk to buy the company at the proposed price of $ 54.20 per share. Read more
“Freedom of speech is the foundation of a functioning democracy, and Twitter is the digital city square where issues vital to the future of humanity are discussed,” Musk said in a statement.
Shares of Twitter rose about 6% after the news.
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Report by Greg Rumeliotis in New York, additional reports by Crystal Hu; Edited by Mark Potter and Matthew Lewis
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