Twitter will be a “privately held company” soon after the transaction with Musk is over. 
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Twitter will be a “privately held company” soon after the transaction with Musk is over. It's official! Billionaire entrepreneur and crypto enthusiast Elon Musk now owns Twitter. Musk paid $44 billion for it. Twitter announced on Monday late night that it has entered into a "definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at $44 billion."
Twitter will be a “privately held company” soon after the transaction is over. Musk says in the official Twitter press release announcing his takeover of the platform, “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.”
He added, “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.”
Soon after this news became viral, netizens started sharing rib-tickling memes whereas some others said they will delete their accounts because of Musk’s takeover of the platform.
Here’s how the Internet reacted to Elon Musk’s Twitter takeover
Meanwhile, Twitter CEO Parag Agrawal told employees that the future of the company is uncertain after the deal to be taken private under Musk. Musk will also join Twitter employees for a question-and-answer session at a later date, news agency Reuters reported.
“Once the deal closes, we don’t know which direction the platform will go,” Agrawal said on the question regarding bringing ex-POTUS Donald Trump back to the platform. He added, “I believe when we have an opportunity to speak with Elon, it’s a question we should address with him.” Agrawal also said that there were no plans for layoffs.
Also read: And it’s done. Elon Musk now owns Twitter.
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