Highlights

  • Musk says Twitter to be the bedrock of free speech
  • New owner of Twitter vows to do away with bots and spam

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Elon Musk disclosed on April 2 that he had purchased a large stock of Twitter shares

Twitter takeover has happened! The world's richest man Elon Musk is the new media mogul as the social media platform accepted his $44 billion cash buyout bid.

In much anticipated press release, Musk stated " 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.”

Shareholders will receive $54.20 for each Twitter share they own,the price is 38% more than the stock’s close on April 1, the last business day before Musk disclosed a significant stake in the company.

In less than 2 weeks after declaring he would like to buy out the platform Musk has made it happen, a near record for a leveraged buyout of this size.

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