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Elon Musk buys Twitter for billion

elon-musk-buys-twitter-for-billion

Elon Musk buys Twitter for billion

Washington, Apr 25 (Prensa Latina) Billionaire entrepreneur Elon Musk, one of the world´s richest men, on Monday agreed to buy Twitter for billion, using one of the biggest leveraged buyout deals in history to take private a 16-year-old social networking platform that has become a hub of public discourse and a flashpoint in the debate over online free speech.
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Twitter board of directors unanimously accepted Musk´s offer, who has repeatedly criticized the way tweets are moderated in this platform where he seeks to promote “free speech.”

In a statement quoted on Monday in the US media outlets, Mr. Musk -who is also founder of Tesla- expressed his deep interest in switching this product with new functions such as the possibility of editing tweets and using open code algorithms, among other changes.

Investors will receive $54.20 per each Twitter share they own, the company said in a statement Monday. The price is 38% more than the stock’s close on April 1, the last business day before Mr. Musk disclosed a significant stake in the company, sparking a share rally. Twitter shares were halted for the news.

The buyout closes a cycle in which in less than a month Mr. Musk became one of Twitter’s largest shareholders, was offered and declined a place on Twitter’s board of directors, and ultimately bought the company.

Users commented on the risks to democracy that financial elites control public opinion, even referring to the possible return of former US President Donald Trump to 280-character tweets.

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