04/26/2022

How Elon Musk Won Twitter

His weeks-long pursuit resulted in a $44 billion deal

Tesla and xSpace Founder Elon Musk became the new owner of Twitter on Monday, after completing a stunning $44 billion takeover of the social media platform, ending a process that has vacillated between a done deal and dead in the water in the last three weeks.

“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 said in a press release announcing the news. Twitter independent board chair Bret Taylor described the deal as “the best path forward” for the company’s shareholders.

The result ends prolonged speculation over Musk’s financial interest in Twitter. On April 4, the entrepreneur’s 9.2 percent stake in the company—or 73.5 million shares at a cost of around $2.4 billion—was disclosed to the public. At the time, the purchase of stock in Twitter came with an offer to sit on the board—though on April 10 Musk declined to take his seat.

Please select this link to read the complete article from WIRED.