Elon Musk is about to buy Twitter for around $44 billion.
The 50-year-old entrepreneur is set to buy the microblogging platform after striking a deal that values each share at $54.20.
In a statement, the billionaire businessman said: “Free speech is the foundation of a functioning democracy, and Twitter is the digital public square where issues vital to the future of Europe are debated. humanity.
“I also want to make Twitter better than ever by improving the product with new features, making algorithms open source to increase trust, defeating spambots and authenticating all humans. Twitter has huge potential – I can’t wait to work with the company and the user community to unlock it.”
The deal has already been unanimously approved by Twitter’s board and is expected to officially close later this year.
Bret Taylor, chairman of Twitter’s independent board, described the move as “the best way forward for Twitter shareholders.”
He said in a statement, “Twitter’s Board of Directors conducted a thoughtful and comprehensive process to evaluate Elon’s proposal with a deliberate focus on value, certainty and funding.”
Elon is already ranked as the richest man in the world, with an estimated net worth of nearly $265 billion.
But he has previously insisted his ambition to buy Twitter was not to make money.
He said earlier in April: “Twitter has become a kind of de facto public square, so it’s very important that people have both the reality and the perception that they can speak freely within the limits of the law. This is no way to make money.
“My strong intuitive feeling is that it’s extremely important to have a public platform of maximum trust that is broadly inclusive. So the future of civilization, but you don’t care about the economy at all.”