Elon Musk buys Twitter for $44 billion with an aim to privatize it

Elon Musk reached an agreement to buy Twitter for roughly $44 billion on Monday, promising a more lenient touch to police content on the platform where he promotes his interests, attacks critics and opines on social and economic issues to more than 83 million followers. 

Musk said in a joint statement with Twitter that he wants to make the service “better than ever” with new features, such as getting rid of automated “spambots” and making its algorithms open to the public to increase trust. 

The deal was cemented roughly two weeks after the billionaire first revealed a 9 percent stake in the platform. Musk said last week that he had lined up $46.5 billion in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal. 

Shares of Twitter Inc. rose 6% Monday to $52 per share. On April 14, Musk announced an offer to buy the social media platform for $54.20 per share. While the stock is up sharply since Musk made his offer, it is well below the high of $77 per share it reached in February 2021.

Twitter had initially enacted an anti-takeover measure known as a poison pill that could make a takeover attempt prohibitively expensive. But the board decided to negotiate after Musk updated his proposal last week to show he had secured financing, according to The Wall Street Journal. 

Asked during a recent TED talk if there are any limits to his notion of “free speech,” Musk said Twitter or any forum is “obviously bound by the laws of the country that it operates in. So obviously there are some limitations on free speech in the US, and, of course, Twitter would have to abide by those rules.”