Elon Musk did it! He bought Twitter for a gigantic R690-billion!
He's become landlord to 206-million users of the social media app.
Remember when Elon Musk put up a poll on his Twitter account asking users whether an 'edit' button would be a great addition to the app?
It was not an empty question, guys. He has officially bought the app - so that change could become a reality!
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Earlier this year, the South African-born billionaire was offered a seat on the Twitter board, which he declined.
This was solely because a seat on the board meant that he could not buy more than a 14.9 percent stake in the social media platform.
It's a few weeks later now and the Tesla CEO returned to Twitter; this time hoping to buy the entire app.
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At first, they tried to block his purchase by releasing a new “shareholder rights plan”.
Twitter then announced on Monday in a press release that they have officially accepted Musk’s offer to buy the company for $44-billion (R690-billion)!
Musk bought the company at $54.20 a share, the same price named in his initial offer on April 14th.
“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.”
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Twitter is definitely about to become even more interesting.
How and where is he getting all this money to buy Twitter?
Musk got two debt commitment letters where the bank commits to offering a series of loans worth $25.5-billion.
The remaining $21 billion is Musk's personal repsonsibility.
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Elon musk and Dave Smith in 2017 pic.twitter.com/cNv89JEqC0
— Successgig (@successgig) April 25, 2022
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Five years later; he finally bags the app!
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Main Image Courtesy: @elonmusk/Unsplash