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Elon Musk Confirmed to Acquire
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for $44 Billion

Elon Musk clinched a deal to buy

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for $44 billion 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.

Discussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed

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shareholders with financing details of his offer.

Under pressure,

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started negotiating with Musk to buy the company at the proposed $54.20 per share price. The deal ends
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’s run as a public company since its 2013 initial public offering.

Parag Agrawal,

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’s CEO, said, “
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has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”

“Free speech is the bedrock of a functioning democracy, and

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is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement, adding, “I also want to make
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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.
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has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

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’s shares were up about 6 percent following the news.

© Thomson Reuters 2022

 



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elon musk confirmed to acquire

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for $44 billion
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#Billion

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