Elon Musk secures a 44 billion dollar deal for the Twitter social media platform

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Elon Musk, CEO, Tesla
  • Elon Musk, CEO of SpaceX and Tesla, has agreed with the board of Twitter about the purchase of the platform
  • The 44 billion dollar deal is to be completed this year, subject to the consent of the Twitter shareholders

The large social media platform Twitter announced on Monday that it has made a final agreement that is to be taken over by a company that is 100 % owned by Elon Musk, in a deal worth an incredible $ 44 billion.

according to A press release .

The deal was unanimously approved by the board of Twitter and is to be completed this year, subject to the approval of the shareholders of the platform.

After completing the transaction, Twitter is expected to be converted into a private property company that ends its nine -year run as a listed company on the New York stock exchange.

The buyout represents a surcharge of 38 % on the final course of the Twitter share on April 1-the last day on which Musk unveiled its share of 9 % in the social media company.

According to the press release,

Musk has secured $ 25.5 billion in fully promised debts and margin loans and at the same time provided an equity obligation of around $ 21.0 billion.

Twitter, an important platform for the crypto community, is often praised as well as vertical for his approach to moderating content, freedom of speech (or its absence) and anonymity of user profiles.

Musk-whose value is estimated at over $ 268 billion Forbes said he wanted Twitter by introducing new functions improve, provide an open source algorithm for the platform and combat its spambots.

"Freedom of expression is the foundation of a functioning democracy and Twitter is the digital marketplace where important affairs of the future of humanity are debated," said Musk in the press release.

There are also plans to transform the platform into one Subscription-based model to increase the earnings and get part of the initial investment of nutmeg, so the reporting of Reuters.

whether this would appease the crypto community or make users look for alternatives remains to be seen. Musk, whose Twitter reflection on crypto- especially Dogecoin - have led to wild price fluctuations, is often regarded as both rebellious and influential figure within the community.

In January, Dogecoin payments were connected live in the online shop of the Tesla electric car company for selected items. At that time, the course of Doge shot up by more than 17 % within 24 hours.

after buying Bitcoin worth 1.5 billion

On both occasions, Bitcoin's price movements fell closely with Musk's announcements, won 48 % and fell by 40 % two months later.

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The contribution Elon Musk Secures $ 44b Deal for Social Media Platform Twitter is not a financial advice.