Elon Musk buys Twitter for $44B and will privatize company

✔︎ Fact Checked by TDPel News Desk

By Samantha Allen

Published: April 25, 2022 | 9:37 PM GMT

Elon Musk reached an agreement to buy Twitter for roughly $44 billion on Monday, reports AP.

The outspoken Tesla CEO has said he wanted to own and privatize Twitter. Musk said in a joint statement with Twitter that he wants to make the service “better than ever” with new features, such as getting rid of automated “spam″ accounts and making its algorithms open to the public to increase trust.

The deal was cemented roughly two weeks after the billionaire first revealed a 9% stake in the platform.

Musk said last week that he had line up $46.5 billion in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal.

Twitter said the transaction was unanimously approved by its board of directors and is expected to close in 2022, pending regulatory sign-off and the approval of shareholders.

Shares of Twitter Inc. rose more than 5% Monday to $51.70 per share. On April 14, Musk announced an offer to buy Twitter for $54.20 per share. While the stock is up sharply since Musk made his offer, it is well below the high of $77 per share it reached in February 2021.

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About Samantha Allen

Samantha Allen is a seasoned journalist and senior correspondent at TDPel Media, specializing in the intersection of maternal health, clinical wellness, and public policy. With a background in investigative reporting and a passion for data-driven storytelling, Samantha has become a trusted voice for expectant mothers and healthcare advocates worldwide. Her work focuses on translating complex medical research into actionable insights, covering everything from prenatal fitness and neonatal care to the socioeconomic impacts of healthcare legislation. At TDPel Media, Samantha leads the agency's health analytics desk, ensuring that every report is grounded in accuracy, empathy, and scientific integrity. When she isn't in the newsroom, she is an advocate for community-led wellness initiatives and an avid explorer of California’s coastal trails.