Elon Musk Clinches Deal To Buy Twitter For $44bn

Elon Musk has clinched the deal to acquire social media giant, Twitter for $44 billion.

The deal which has reached the final stage on Monday will be made known to the public after an internal Twitter board meeting.

Recall that Mr. Musk made the shock bid less than two weeks ago, and said Twitter had “tremendous potential” that he would unlock.

He also called for a series of changes from relaxing its content restrictions to eradicating fake accounts.

The firm initially rebuffed Mr. Musk’s bid, but it will now ask shareholders to vote to approve the deal.

Mr. Musk is the world’s richest man, according to Forbes magazine, with an estimated net worth of $273.6bn mostly due to his shareholding in electric vehicle maker Tesla which he runs. He also leads the aerospace firm SpaceX.

Musk in a statement announcing the deal said: “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.”

He added that “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.” He said.

It is not clear who will lead the new company if the deal is eventually made official. The firm is currently led by Parag Agrawal, who took over from co-founder and former boss Jack Dorsey last November.

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