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Twitter Accepts Elon Musk’s $44B Buyout; Elon Becomes Sole Owner

Cory Russell

Apr 26, 2022 09:53

Elon Musk paid $44 billion for Twitter's platform.

Shareholders will get $54.20 for each share they own, representing a premium of 38 percent.

On the basis of the upgrade, Dogecoin has risen by 25.8%.

Twitter confirmed the news today in a press statement, stating that the social media site has accepted Elon Musk's offer and has been sold to him for $44 billion in cash.

This is one of the most important events in Twitter's history, since each of its owners gained at least a 38 percent return on their shares, despite the fact that the company had made no net profit in the previous year.

Twitter SOLD to Elon Musk!

According to the press release, the formal deal would revert Twitter to a privately owned firm, with Elon Musk as the only owner.

According to the terms of the deal, each TWTR stockholder will get $54.2 for each shares they own.

This is a 38 percent premium over Twitter's closing price on April 1, the final trading day before Elon declared his 9 percent interest in the firm.

Elon's commitment to free expression reached a pinnacle when he made a $44 billion offer to acquire the whole firm. As a shareholder and member of the board, he was unable to make any significant changes to Twitter's policies.

After suffering shareholder pressure, Twitter eventually accepted the offer, despite initial reservations.

"Free expression is the backbone of a healthy democracy, and Twitter is the digital town square where things crucial to the future of mankind are argued," said Elon Musk, the new owner of Twitter. I also want to make Twitter better than it has ever been by adding new features, opening up the algorithms to boost trust, combating spam bots, and authenticating all people. Twitter has enormous potential, and I'm excited to work with the business and the Twitter community to realize it."

The sale, which is expected to be completed shortly, has no specific terms and conditions, and further information about the company's operations has yet to be released.

Musk Hosts a Dogecoin Party

DOGE joined the excitement as the DOGEfather became the owner of Twitter, his most powerful influence in the crypto realm, and rose by a massive 23.65% in the previous 24 hours.

Elon was having a talk about Dogecoin's future with the meme coin's inventor, Billy Markus, alias Shibetoshi Nakamoto, earlier today, according to FXEmpire, which helped to the surge.

However, now that Twitter is in Musk's hands, Dogecoin will experience more bullishness than it has ever seen before, sooner or later.