A little over a week ago, Tesla CEO Elon Musk made a surprising announcement when he publicly claimed that he wanted to buy Twitter. He also made an offer, an offer that Twitter was hoping to be able to reject. But ultimately, it seems that Musk got what he wanted as Twitter has since announced that Musk will be acquiring the company.
I made an offer https://t.co/VvreuPMeLu
— Mr. Tweet (@elonmusk) April 14, 2022
The acquisition will see Musk acquire Twitter in a transaction worth around $44 billion, or $54.20 per share. Keep in mind that the deal hasn’t been finalized yet. As with all acquisitions, it will require approval by regulatory bodies to ensure that there is no anti-competitive behavior which means that right now, both companies have only come to an agreement.
As to when the deal is expected to be finalized, that will be hard to say given that it’s hard to say if regulators might object to the deal, so the entire process could take several months or even a year before it is finalized. According to Musk who explained his decision to acquire the company:
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated. I also 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.”