Elon Musk, the CEO of Tesla and the wealthiest person in the world, has reached a $44 billion deal to buy Twitter in a takeover that will give him control of a social network with reportedly more than 200 million users.
The deal puts an end to the will-he/ won't-he-buy-Twitter sage between Musk and Twitter's Board. Musk would pay $54.20 per share, which is the price he originally offered and referred to as his 'best and last' offer.
Musk has secured $25.5 billion in funding and is giving a $21 billion equity commitment, according to the press release announcing the agreement.
Reportedly, Musk has mentioned a few modifications to the service that would make it more user-friendly, such as an edit button and way to combat "spam bots" that send out a large number of undesired.
After the completion of the scale, Twitter will go from being a publicly-traded company to being a privately-held platform. Twitter shares have risen nearly 6% since the news came out.
The future of the company and its leadership is uncertain, states CEO Parag Agarwal while addressing the employees. Reportedly, Agarwal will get approx. $42 million if Musk decides to terminate him within 12 months of a change in control at the social media company.
To quote Elon Musk's own words "I..want to make Twitter better than ever by enhancing the product with new features...Twitter has tremendous potential...."
This whole incident has took the social media crazy, people where giving mixed reactions to this deal.
Jeff Bezos trolls Musk, says Twitter takeover may empower China