"Twitter has great potential - I look forward to working with the company and the user community to open it," Elon Musk said in a statement.
Twitter (TWTR) - Get Twitter, Inc. The report agreed to a $ 44 billion bid to Elon Musk on Monday to see the social media platform become a private company, which has been speculating for weeks as billionaire Tesla (TSLA) - Find Tesla Inc. The CEO of Report started compiling a section on the website earlier this month.
Musk will pay $ 54.20 per share of the club, an amount similar to his previous ‘best and last’ gift that costs a small blogger with around $ 44 billion. Twitter has approved the acquisition after a "thoughtful and complete process", the company said, the board said.
"Freedom of speech is the foundation of a functioning democracy, and Twitter is a city forum where important issues for the future of humanity are discussed," Musk said in a statement. "I also want to make Twitter better than ever by developing product with new features, making algorithms an open source for building trust, defeating spam bots, and reassuring everyone."
"Twitter has great potential - I look forward to working with the company and the user community to open it," he added.
Twitter shares marked 6.4% higher in Monday afternoon trading to change hands at $ 51.99 each, after being suspended for Nasdaq trading before the deal was announced. Tesla shares are marked 1.7% below $ 988.00 each.
Musk has the funds to receive his ‘best and last’ Twitter gift linked to his current 173 million shares in Tesla, approximately 88 million of which have been promised various loans. However, with an estimated $ 46.5 million in funding, Musk is likely to release Tesla's stock to meet his estimated $ 20 billion and $ 30 billion.
Twitter CEO Parag Agrawal, who recently replaced founder Jack Dorsey, said he was "very proud of our teams and inspired by a work that never was more important," adding that the agreement shows that Twitter "has a purpose and is important. That affects the whole world."
In the end, 73.5% of the 2.5 million people who voted in the by-elections voted "yes" on the question of Musk's planning feature.
Twitter earlier this year reported that non-GAAP non-GAAP earnings for the months ending December were set at 33 cents per share, a 13.1% decrease from the same period last year and 2 cents avoiding the Road Accord forecast. The group's revenue increased 22% to $ 1.57 billion, according to Street forecasts, with $ 1.47 billion coming from its advertising segment.
Looking back on the coming year, Twitter has said it sees revenue growth “at a low rate of between 20%” and adheres to its 2021 billion target of 7.5 billion and 315 million daily active users by 2023.
Twitter will post its first quarter money on Thursday.
