Elon Musk buys Twitter for USD 44 billion (around PHP 2.3 trillion)

The world's richest man Elon Musk is purchasing social media giant Twitter for USD 44 billion, the company revealed in a statement earlier.

Elon Musk x Twitter

Elon Musk now owns Twitter!

Musk purchased the company for USD 54.20 per share, the same as its initial offer. To find the deal in an SEC filing, Musk will loan USD 25.5 billion and personal equity of USD 21 billion will be used.

Analysts believe that the loan could cost Twitter USD 1 billion a year in serving fees which is roughly 20 percent of the company's revenue.

Musk said that he wants to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeat spam bots, and authenticating all humans.

Meanwhile, Twitter CEO Parag Agrawal applauded the deal. He said that Twitter has a purple and relevance that impacts the entire world.

Previously, Musk only has a 9.2 percent stake in Twitter. He polled Twitter users on the creation of an "edit" button, suggested nixing ads from Twitter Blue, lowering its subscription price, and adding Dogecoin as a payment option.

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Source: Twitter