Elon Musk now owns Twitter

In one of the world’s biggest deals in the tech world, billionaire Elon Musk has taken control of Twitter. The deal will see Musk acquire the social network for approximately $44 billion with shares valued at $54.20. Bret Taylor, Twitter's Independent Board Chair, has called it "the best path forward for the stockholders" in a statement. The huge development comes just days after the social media giant adopted the poison pill defense strategy. Unanimously approved by the Twitter Board of Directors, the transaction is expected to close in 2022. With the definitive agreement, the social media giant - which has the highest numbers of users in the United States - is set to " be acquired by an entity wholly owned by Elon Musk, for $54.20 per share," according to an official statement.  Musk has "secured $25.5 billion of fully committed debt and margin loan financing and is providing an approximately $21.0 billion equity commitment," says Twitter's official statement.

Talking about the buyout, Parag Agrawal, Twitter's CEO, said, "Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important." "The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders," noted Bret Taylor, Twitter's Independent Board Chair.

Earlier,Musk had posted on his Twitter account, “I hope that even my worst critics remain on Twitter, because that is what free speech means.” It should also be noted that on Saturday, Musk had posted a rather distasteful tweet about Microsft co-founder Bill Gates, apparently in response to Gates shorting Tesla. The tweet has more than a million likes. He had then joked that the ‘shadow ban council’ was likely reviewing his tweet.