Apr 25, 2022
By Christine Ross
Billionaire Tesla C-E-O Elon Musk has reached a deal to acquire Twitter for approximately $44 billion dollars.
Musk said last week he had lined up $46.5-billion in financing to buy the social media giant, putting pressure on the company’s board to negotiate a deal.
Twitter had initially enacted an anti-takeover measure known as a poison pill defence, making a takeover attempt too expensive.
But the board decided to negotiate after Musk updated his proposal last week to show he had secured financing.
The deal puts the Tesla chief executive in charge of a company with 217 million users and an influential role in shaping the political and media agenda on both sides of the Atlantic.
Musk has signalled that Twitter will be overhauled under his leadership, including changes in content moderation, having described himself as a “free speech absolutist”.