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Elon Musk acquires Twitter for approximately $44 billion

Expect new features, open-source algorithm, defeat of the spam bots, and identifying all humans says the Tesla chief.

Elon Musk has acquired Twitter, for $54.20 per share in cash, in a transaction valued at approximately $44 billion

"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," said Mr Musk. "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."

Elon Musk acquires Twitter for approximately $44 billion

Bret Taylor, Twitter's Independent Board Chair, said, "The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders."

Parag Agrawal, Twitter's CEO, said, "Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important."

Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38 per cent premium to Twitter's closing stock price on April 1, 2022, which was the last trading day before Musk disclosed his approximately 9 per cent stake in Twitter.

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