Microblogging and social networking company, Twitter has agreed a ‘definitive deal’ to sell itself to the world’s richest man, Elon Musk at approximately $44 billion.
Musk, an avid user of Twitter with over 83 million followers, now has huge power and influence over the most influential social media platform widely used by celebrities, politicians, activists and state leaders which is significant for sharing viewpoints.
The transaction, which has been unanimously approved by the Twitter Board of Directors, is expected to close in 2022, subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals and the satisfaction of other customary closing conditions.
With this move, Musk will take Twitter private, and Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction.
