Elon Musk completed his US$44 billion ($61.92 billion) acquisition of Twitter Inc., according to people familiar with the matter, putting the world’s richest man in charge of the struggling social network after six months of public and legal wrangling over the deal.
Shareholders will be paid US$54.20 per share, and Twitter will now operate as a private company. The completion caps a convoluted saga that began in January with the billionaire’s quiet accumulation of a major stake in the company, his growing exasperation with how it’s run and an eventual merger accord that he later spent months trying to unravel.
On Oct. 4, Musk agreed to proceed on his originally proposed terms, and a Delaware Chancery Court judge gave the two sides until Oct. 28 to wrap up the deal. That deadline was met, and now Musk, who is chief executive officer of both Tesla Inc. and SpaceX, also controls Twitter, a service he uses often but criticizes openly, and that he has promised to change dramatically. The company’s shares are no longer expected to trade on the New York Stock Exchange.
Musk’s ownership will bring immediate disruption to Twitter’s operations, in part because many of his ideas for how to change the company are at odds with how it has been run for years. He has said he wants to ensure “free speech” on the social network, which is likely to mean looser content moderation standards, and plans to restore some high-profile accounts that were kicked off Twitter for breaking rules, such as former U.S. President Donald Trump’s. More broadly, Musk’s initiatives threaten to undo years of Twitter’s efforts to reduce bullying and abuse on the platform.
