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Twitter shares rise 6% after it was acquired by Elon Musk for $44 billion

Twitter shares

Washington D.C., (Business News Report)|| Twitter shares rose 6% after the company announced that it was bought by Elon Musk for $44 billion, to be paid in cash.

The 16-year-old Twitter platform is used by millions of customers and world leaders.

Discussions about the deal, which began last week, accelerated before Elon Musk succeeded in wooing shareholders by publishing the details of his big financial offer.

Twitter shares

Musk, the world’s richest man, began takeover negotiations with an offer of $54.20 per share.

He said freedom of expression is the bedrock of every functioning democracy, and added that “Twitter is the digital town square where matters vital to the future of humanity are debated.”

The company’s shares rose by about 6% after resuming trading, which was stopped for a short time to inform Musk’s acquisition of the platform.

Since Musk talked about his desire to acquire the company, some shareholders have rejected the deal, led by Saudi billionaire Al-Waleed bin Talal, who and his company Kingdom Holding own 5.3% of the shares.

Last week, the platform’s board of directors set restrictions that prevented anyone from acquiring the site completely, and limited purchases to 15% of the shares, through what was known as the “poisonous pill” procedure, but the shareholders pressed to complete the deal.

After the deal was announced, Musk said it would make Twitter even better than it was.

Ahead of the official announcement of the deal, the US billionaire said he hoped his critics would continue on the platform because “that’s what freedom of speech is.”

Who runs Twitter?

It is not clear who will run the Twitter platform after the agreement on Musk’s acquisition of it, according to the company’s website.

Musk also holds the position of CEO, chief technology officer, and president of the SpaceX company for rockets and spacecraft, as well as his participation in a number of other companies and start-up companies.

Twitter is run by CEO, Parag Agrawal, who took over the position last November with the support of co-founder and former president, Jack Dorsey.

Musk is critical of Twitter’s management, telling Twitter CEO Brett Taylor in the takeover offer document: “I have no confidence in management.”

Agrawal has not discussed the acquisition of the platform since the beginning of this month, when Musk announced his refusal to offer him a seat on the company’s board of directors, a decision that he said would be “the best”.

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