Elon Musk throws in towel, agrees to buy Twitter at original price

1 month ago 57
News The world's richest person will soon have total control of Twitter. Looks like Musk will buy Twitter after all.
Photo: Elon Musk/Twitter/Cult of Mac

Elon Musk reportedly has stopped his efforts to get out of buying Twitter. He’s going to purchase the social media platform at his original price from April.

He spent the intervening months trying back out of the deal, which forces him to pay much more for the company than its current value.

Musk’s on-again/off-again deal with Twitter

Twitter isn’t the largest social media platform – TikTok, Facebook, Instagram and other are larger. Still, it has 206 million daily active users and 38 million users in the United States.

Musk offered to buy the company for $54.20 per share last spring. But seems to have been an impulse buy, even though the deal was valued at $44 billion, because he almost immediately wanted out.

The disagreement was headed for a Delaware court until Musk on Tuesday notified the Twitter board he’s honor his original agreement, according to Bloomberg.

Twitter shares were selling for about $42 before news of impending deal broke. They shot up to about $48 when trading was halted.

Great news for Trump

Musk has conservative political views, and will to reverse the permanent ban on former President Trump imposed after he used it incite violence – the January 6, 2021 attack on Congress specifically.

Musk will also remove nearly any restrictions on what users can post. Whether that will cause users and advertisers to leave Twitter is yet to be determined.

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