Elon Musk buys Twitter for $44 billion

“Administrative Council Twitter implemented a thoughtful and comprehensive process to evaluate Elon Musk’s proposal, with a focus on value and financial certainty. The proposed transaction will provide a substantial cash premium and we believe it is the best path forward for Twitter shareholders.”Twitter Independent Executive Chairman Bret Taylor said in a recent announcement.

The deal makes Twitter a private company. It also empowers the world’s richest man to run one of the most influential social networks with more than 1.3 billion registered accounts.

According to Reutersthe transaction has been approved by Twitter’s board of directors and could be completed by the end of next year pending other regulatory approvals.

Twitter agreed to sell the company to Musk for $54.20 per share, in line with the American billionaire’s original offer.

Musk is expected to meet with Twitter employees in the next few days to answer their questions.

In mid-April, the world’s richest billionaire made an offer to Twitter’s board of directors to buy and turn Twitter into a private company.

Twitter is supposed to serve as a platform for political leaders, industry professionals, and a source of information for millions of ordinary users.

Observers say owning Twitter will give Elon Musk a new level of power over important political and social issues.

Billionaire Elon Musk now has more than 83 million followers on Twitter and started accumulating shares in the company earlier this year.