It’s official: Elon Musk to acquire Twitter

Twitter has announced that Tesla CEO Elon Musk will officially be acquiring the platform.

The world’s richest man is buying the social media giant at $54.20 USD (about $69 CAD) per share in cash in a transaction valued at approximately $44 billion USD (about $56 billion CAD). The deal is expected to close later this year, pending Twitter shareholder and governmental regulatory approval.

“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,” said Musk in a press statement. “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.”

More to come…