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elon musk buys twitter


On October 28, Elon Musk tweeted “let the good times roll” as he completed his $44 billion takeover of Twitter.

After building a stake in Twitter at the start of the year, Elon Musk made his $44bn offer in April, a price tag that looked too high almost as soon as it was agreed.

The billionaire said he was buying it because he wanted “civilisation to have a common digital town square”, and pledged to clean up spam accounts and preserve the platform as a venue for free speech.

On April 14, Elon Musk publicly stated that he wanted to buy Twitter – lock, stock and barrel.

He offered $44 billion for Twitter in a take it or leave it offer. Twitter’s board initially rejected the offer, even creating a “poison pill” provision to try to prevent Elon Musk from forcibly buying the company.

Then another change of heart. Twitter’s board decided that, on reflection, they would take the deal and on April 25, Twitter announced they had accepted the offer.

“Yesssss” Elon Musk tweeted.

But by the summer he had changed his mind about the purchase, citing concerns that the number of fake accounts on the platform was higher than Twitter claimed.

Twitter executives took legal action to hold Elon Musk to his offer, arguing that he was balking after becoming concerned about the price.

The deal closed on October 27, when a company controlled by Elon Musk purchased the firm for $54.20 per share, according to a filing on October 28 with the US government.

Despite playing a large role in public debate, Twitter remains a relatively small social media platform, claiming about 240 million accounts that are active daily, compared with nearly 2 billion on Facebook.

Twitter has struggled with the wider market decline in digital advertising.

Earlier reports suggested 75% of staff at the social media company were set to lose their jobs.


Elon Musk has announced that his $44 billion deal to buy Twitter is on hold after he queried the number of fake or spam accounts on the social media platform.

The world’s richest man tweeted: ”Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”

Even before his comments, Twitter’s stock had been selling for less than the $54.20 per share Elon Musk has offered, a sign that the markets were not convinced he would complete the buyout.

He has been vocal about “defeating the spam bots”, identifying it as a key goal following his planned takeover of the company.

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Twitter has long faced accusations of not doing enough to address automated, fake accounts posting content.

In a filing more than two weeks ago, Twitter estimated that fake accounts accounted for fewer than 5% of its daily active users during the first three months of this year. It cautioned that the figures were based on estimates and could be higher.

Those claims were not different from what the firm had shared in previous disclosures.

Weeks of market turmoil in the US have wiped billions off the value of many companies – including once favored tech firms.

Tesla, the electric car company where Elon Musk serves as chief executive, has also seen its shares plunge – a hit to Elon Musk, whose status as the world’s richest person is bound up in his stake in the company and who had planned to rely on his shares to help finance the Twitter purchase.

Last month, he raised $8.5 billion by selling shares. He also planned to use the shares to secure $6.5 billion in loans.

After Elon Musk tweeted that the deal was temporarily on hold, Tesla’s share price gained more than 5%.