• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
AFRIPOL

AFRIPOL

en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
  • Home
  • About Us
  • Mission Statement
  • Articles
  • Book Review
  • Archive
  • Contact Us

Elon Musk Buys Twitter for $44 Billion

April 25, 2022 by Admin Leave a Comment

“The announcement ends a weeks-long saga Musk kicked off when he offered to buy the company at $54.20 per share, his “best and final.”

The South African born centi-billionaire with eccentric personality, Elon Musk has finally acquired the social media Twitter for a whapping $44 billion. The deal was shaky at his initial attempt to acquire the giant social media, but after his aggressive first trial, cool headed later prevailed and finally a deal was struck among the parties.

Twitter’s board of directors sought to fend off a hostile takeover by adopting a so-called poison pill. But Elon Musk did not give up and offer them an attractive deal they cannot say no. Twitter’s board accepted billionaire Elon Musk’s offer to buy the social media company and he promised to make it private, as confirmed by Twitter.

“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 statement included in the press release announcing the $44 billion deal. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it,” Elon Musk stated.

According to Wall Street Journal, Twitter shares were ahead about 6% in afternoon trading on Monday. Twitter has been an anemic stock-market performer in an era of huge returns for technology companies. Its shares jumped on their first day of trading in 2013 to close at $44.90, within a dollar of where they were more than eight years later when Mr. Musk made his approach.

The turnabout on Twitter’s part comes after Mr. Musk met privately Friday with several shareholders of the company to extol the virtues of his proposal while repeating that the board has a “yes-or-no” decision to make, people familiar with the discussions said.

Mr. Musk, with over 82 million Twitter followers, has long used the platform to pronounce his views on everything from space travel to cryptocurrencies. In January, he began buying Twitter stock, becoming the single-largest individual investor with a more than 9% stake by April.

He has previously used Twitter to escalate a conflict with the Securities and Exchange Commission after the agency opened a probe into some of his recent stock sales, and he often blasts his critics on the social network.

Taking Twitter private would allow Mr. Musk to make changes without the scrutiny public companies typically are under from their shareholders. He also has said he wants to retain as many shareholders as possible. “

Elon Musk is the richest man in the planet earth according to official ranking of the billionaires released by Forbes magazine.

Filed Under: Articles

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

More to See

Peter Obi most emotional speech

July 24, 2022 By AFRIPOL

I’m not opposed to Peter Obi’s presidential ambition: Umahi

July 24, 2022 By Admin

RSS AllAfrica News: Latest

  • Kenya: Prosecution or Compensation? What Kenyan Choices Tell Us About International Justice
    [The Conversation Africa] In December 2007, the Electoral Commission of Kenya announced that Mwai Kibaki had won a second five-year term as president. It was a surprising outcome, given his opponent, Raila Odinga, had held a significant early lead in the polls.
  • South Africa: Lilian Ngoyi - an Heroic South African Woman Whose Story Hasn't Been Fully Told
    [The Conversation Africa] Despite her key role in the struggle against apartheid in South Africa, details about Lilian Ngoyi's life remain sparse. The short paragraphs on her legacy repeat a few well-worn phrases. South Africa's "mother of the black resistance", a widow and rumoured lover of Nelson Mandela, and the first woman member of the […]
  • South Africa: Cele Commends R400 Million Cocaine Bust
    [SAnews.gov.za] Police Minister, Bheki Cele, has commended the recent arrest of three men for the possession of a cocaine consignment valued at R400 million in the Western Cape.
  • South Africa: Women Challenged to Find Solutions to Climate Change
    [SAnews.gov.za] South African women have been challenged to take part in conversations aimed at finding solutions to mitigate the impact of climate change.
  • Sudan: Chad-Sudan Clashes Leave 27 Dead, 36 Injured
    [Dabanga] Khartoum / Bir Saliba -- The Chadian joint forces expressed their regret over last week's incidents surrounding clashes between Sudanese herdsman and armed Chadian groups, which according to them has left 27 dead and 36 injured in the Bir Saliba area of West Darfur.
  • Kenya: Bobi Wine, Besigye Among Election Observers
    [Capital FM] Nairobi -- Robert Kyagulanyi, alias Bobi Wine, the leader of Uganda's National Unity Platform (NUP), and Kizza Besigye of the Forum for Democratic Change (FDC) are in Kenya as part of Tuesday's election observation teams.

Tags

Achebe Africa Anambra Boko Haram Buhari CBN Corona Virus Egypt Igbo IMF Inflation Jonathan Kenya Nigeria Okonjo Iweala Peter Obi Sanusi Senate Soludo South Africa Soyinka United States
  • Facebook
  • Instagram
  • Twitter
  • YouTube

Archives

Footer

Africa Political and Economic Strategic Center, AFRIPOL is foremost a public policy center whose fundamental objective is to broaden the parameters of public policy debates in Africa. To advocate, promote and encourage free enterprise, democracy, sustainable green environment, human rights, conflict resolutions, transparency and probity in Africa.

Recent

  • Democracy is about choice – Julius Malema (video)
  • Tyler Perry to Duchess of Sussex: ‘It fills me with joy to say Happy Birthday Princess Meghan’
  • Nigeria is Bankrupt. ‘Between 2015 and now, we have been digging ourselves into a deeper hole.’ – Sanusi, ex-CBN Chief
  • Nigeria and the politics we play!
  • Benin’s President unveils 30m statue of Amazon woman warrior in Cotonou

Search

Tags

Achebe Africa Anambra Boko Haram Buhari CBN Corona Virus Egypt Igbo IMF Inflation Jonathan Kenya Nigeria Okonjo Iweala Peter Obi Sanusi Senate Soludo South Africa Soyinka United States

Copyright © 2022 · AFRIPOL