Tesla CEO Elon Musk to Acquire Twitter

Elon Musk, the Tesla CEO and Dogecoin fan’s proposal to buy Twitter at $54.20 per share has been accepted by Twitter.

 

According to a press release shared by the social media platform, Elon Musk will purchase Twitter.

 

Earlier last week, Musk had offered a price of $54.20 per share, stirring the internet into a frenzy as Twitter’s board and shareholders alike debated what the acquisition would mean for the company. Under the agreement, Twitter shareholders will receive $54.20 in cash for each Twitter stock.

 

It had previously been reported that a decision could be made as soon as today, as both sides of the acquisition had seemingly met for talks over the weekend — while the market was closed and could not be affected by any deal discussions.

 

Of the acquisition, Musk said: “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.”

 

Musk has long been a contentious figure on the internet: while one of the most internet-savvy Tweeters out there, he has often driven the crypto world mad with his Doge-positive tweets and his flip-flopping stance on Bitcoin.

 

Tesla, where Musk is also CEO, had begun accepting Bitcoin for its electric cars last year, only for Musk to change his mind apparently due to concerns over Bitcoin’s energy usage and environmental impact.

 

All of these crypto-related decisions — and even his initial decision to buy 9% stake in Twitter earlier this month — were first posted by Musk, showing that he clearly knows how to take advantage of his position on the social media platform.

 

“Twitter 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,” said Twitter CEO Parag Agrawal in the press release about Twitter’s acceptance of Musk’s bid.