Elon Musk wraps up $44bn acquisition of Twitter
Elon Musk has closed the previously announced acquisition of social media platform Twitter for $44 billion after several twists and turns.
Announced in April 2022, the deal was even terminated by Elon Musk after the latter accused Twitter of having a lot of fake accounts and bots. The Tesla and Space X CEO said that Twitter underreported the extent of these on its platform at the time of signing the merger deal.
However, Twitter stood firm with proceeding with the deal and even sued Elon Musk to complete it under the original terms.
Elon Musk eventually changed his mind and agreed to close the acquisition at the same price of $54.2 per share in cash.
Twitter, which was listed on the New York Stock Exchange (NYSE) will be delisted with the acquisition wrapped up.
Elon Musk completes $44bn acquisition of Twitter. Image courtesy of Mohamed Hassan from Pixabay.
Soon after taking over Twitter, Elon Musk who entered the company’s headquarters with a sink went on to oust its CEO Parag Agarwal, legal affairs and policy chief Vijaya Gadde, and chief financial officer Ned Segal. Elon Musk is also expected to remove the life bans imposed on the likes of former US President Donald Trump and others by Twitter.