MEGA billionaire Elon Musk now owns Twitter.
According to a report by the New York Times, the sale pushed through after the social media giant agreed to Musk’s ownership for $54.20 (around P2,800) a share. That figure is reportedly a 38% premium over Twitter’s share price prior to Musk becoming its biggest shareholder.
In total, the deal amounts to around $44 billion (P2.3 trillion).
Musk released a short statement on Twitter following the sale, announcing plans to “enhance” the social media platform and sharing his excitement over the deal, which is expected to be finalized within the year.
In his statement, Musk said “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”, Musk said. “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.”
