Yesterday, Twitter accounted that Tesla CEO Elon Musk will be purchasing Twitter for $44 billion with Bloomberg one of the first publications to report the news early on Monday morning this week. This follows on from weeks of drama and rumours, as well as people wondering if Elon would buy Twitter and if so, what would happen to the social media company.
Some early reports suggest that the Twitter board have shared some concerns surrounding Elon taking over the company, but the final deal was set at $44 billion. Once the acquisition is finalised, the company will no longer be public and will be privately held. However, this deal needs to be approved by Twitter stockholders as well as the necessary regulatory approvals.
Prior to the acquisition, Elon Musk had been a long critic of Twitter, sharing his views on the platform. He even purchases 9.2% of the company and said he was planning on joining the company as a board member, however this was shut down pretty fast and Parag Agrawal the CEO shared that Elon would not be joining the board after all.