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Elon Musk succeeds in buying Twitter for about $44B

(Laura Figi/Austonia)

Twitter has accepted Elon Musk's buyout for about $44 billion, likely adding a social media giant to the Central Texan’s expansive portfolio that includes companies in automaking, spacecraft and more.

The path to Musk’s Twitter takeover started a few weeks ago when he became Twitter’s largest shareholder. Days later, he tweeted an offer to buy the company at $54.20 a share, which Twitter has now agreed to.

Twitter’s chairman Bret Taylor said the board had “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.”

The micro-blogging platform that launched in 2006 has its headquarters in San Francisco, California. In recent weeks, some have wondered if Musk will decide to bring Twitter to Texas, as he’s done with his other ventures including Tesla, SpaceX and the Boring Company. Adding to the hype, Texas Gov. Greg Abbott made a direct request to Musk.

Before the deal became official, Musk hinted at what was to come and posted about his desire for users to continue using the platform that sees about 217 million daily users.

He reiterated this point in a press release announcing the purchase.

"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.

He went on to note other priorities like adding new features, making the algorithms open source, and tackling issues with bots. “Twitter has tremendous potential—I look forward to working with the company and the community of users to unlock it,” Musk said.

But some Austinites and other users are skeptical of what Musk’s approach to free speech would look like.

Jokes aside, Musk’s acquisition of Twitter has left many wondering if he’ll change the permanent ban on former president Donald Trump, who’s set to visit Austin next month. The site kicked Trump off following the Jan. 6 insurrection at the Capitol Building in Washington D.C.

Twitter’s CEO Parag Agrawal, who assumed the position last year after founder Jack Dorsey announced his departure, provided a brief statement in the deal’s announcement.

"Twitter has a purpose and relevance that impacts the entire world,” Agrawal said. “Deeply proud of our teams and inspired by the work that has never been more important."


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