The Chief Executive Officer/Co-Founder Tesla Inc and U.S. billionaire, Elon Musk, has acquired Twitter, the former owners confirmed on Monday, the deal is valued at $44 billion.
The sale was a dramatic shift for the board, which had originally maneuvered to block Musk from taking the social media network private.
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a joint release announcing the takeover.
Tesla Inc. shares fell Monday afternoon following news that Chief Executive Elon Musk is buying social media company Twitter Inc. in a $44 billion deal.
Shares of the EV company were down around 1.6% at 3:21 p.m. in New York after Twitter said it agreed to be acquired by Musk for $54.20 per share in cash. While Tesla’s stock is down 7% this year, it has significantly outperformed most mega-cap technology companies, the broader market and auto behemoths such as General Motors Co. and Ford Motor Co.
Twitter’s shares were up up more than 6% after being halted by the New York Stock exchange.
Musk FRS was born June 28, 1971 and is an entrepreneur, investor, and business magnate.
He is the founder, CEO, and Chief Engineer at SpaceX and he is also the owner of Twitter, early-stage investor, CEO, and Product Architect of Tesla, Inc.; founder of The Boring Company; and co-founder of Neuralink and OpenAI. With an estimated net worth of around US$273 billion as of April 2022.
Musk is the wealthiest person in the world according to both the Bloomberg Billionaires Index and the Forbes real-time billionaires list.
Musk has three citizenships — United States, Canada and South Africa