The richest man on the planet has agreed with Twitter shareholders to buy out their shares. Elon Musk will take over Twitter and the social network of the same name. The stock responded by gaining more than six percent.
Elon Musk will pay more
Musk will pay $54.20 apiece for Twitter shares, which means he will pay around $44 billion for the remaining shares. Compared to the current market price, Elon Musk will pay just over two dollars more. Twitter, which was founded 16 years ago, will go from publicly traded to private after about nine years.
Relaunch of Donald’s Trump account
“I hope my biggest critics stay on Twitter because that’s what free speech means,” Elon Musk said on Twitter after announcing the buyout of the entire Twitter. Elon Musk has been discussing the buyout with Twitter’s management and shareholders for more than a week. The first speculation that taking control of Twitter could be Musk’s goal came after the Tesla founder and co-owner bought the first nine percent of the stock. One of the anticipated impacts of Musk’s buyout is the relaunch of former White House chief Donald Trump‘s Twitter account. It was deleted after last January’s riots.