Elon Musk buys Twitter for $44 billion

Elon Musk buys Twitter for $44 billion

Billionaire Elon Musk has taken control of Twitter in one of the biggest deals in the tech world.

The Tesla CEO acquired the social media giant for $44 billion cash.

Musk secured $46.5b to finance the transaction. This includes $25.5b of debt and margin loan financing and $21b in equity financing.

It is a defining moment for the 16-year-old company, which emerged as one of the world's most influential public spaces.

Musk has often criticized Twitter's moderation and CEO Parag Agrawal's approach to free speech.

He hopes to prioritize tweets to be public and is against giving too much power to corporations that advertise on the platform.

Elon Musk has a net worth of $250 billion. Twitter stockholders will receive $54.20 for each share they own.

Former Twitter CEO Jack Dorsey backed Musk’s takeover. He will receive a $978 million cash payout.