Elon Musk clinched a deal to buy Twitter for $44bn cash on Monday in a transaction that will shift control of the social media platform populated by millions of users and global leaders to the world’s richest person.
Under pressure, Twitter started negotiating with Musk to buy the company at the proposed $54.20 per share price. On Monday, Musk told his more than 80-million followers that the company has tremendous potential and he wanted to make it better by adding new features, making the algorithms open source to increase trust and defeat spam bots.
Musk’s move continues a tradition of billionaires buying control of influential media platforms that include Rupert Murdoch’s takeover of the New York Post in 1976 and the Wall Street Journal in 2007 and Jeff Bezos’s 2013 acquisition of the Washington Post. In a prepared statement, the company said Musk secured $25.5bn of debt and margin loan financing and is providing a $21bn equity commitment.Twitter’s outsized importance as a mouthpiece for politicians, political dissidents and activists belies its relatively small size.
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