Elon Musk, the outspoken South African-born entrepreneur behind SpaceX and Tesla has bought Twitter for $44-billion - roughly R688,966,080,000 South African Rands.
The Twitter board has announced that they has agreed to be acquired by Elon Musk in a deal that values the company at $44 billion.
This means that Twitter has
now "entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk", according to the company's press release.
"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.
"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", he continued.
Musk has secured $25.5 billion of "fully committed debt and margin loan financing" and is using
about $21 billion of his own equity on top of that to finance the purchase.
Watch Video:
Social media responds:
The White House declined to comment on the takeover but spokesperson Jen Psaki told reporters: "No matter who owns or runs Twitter, the president has long been concerned about the power of large social media platforms."
On Twitter, MP Julian Knight, chairman of the UK's Digital, Culture, Media and Sport Committee, called the deal an "extraordinary development in the world of social media".
"It will be interesting to see how a privately owned Twitter (run by a man who is an absolutist over free speech) will react to global moves to regulate.""https://nari.co.za/i/user-images/posts/images/1/April2022/twitter-elon_1024x560.jpg",
TAP IMAGE/S BELOW TO EXPAND
Swipe images left/right or click image to preview article.
4 x CASH IN TRANSIT ROBBERY SUSPECTS SHOT DEAD - 3 ARRESTED...
3 People have Died after a Submarine was Hit by a Wave in Kommetjie near Cape Town...
BRACKENFELL - 5 MINORS KULLED & 6 OTHERS INJURED IN SINGLE VEHICLE COLLISION...
BREAKING NEWS - Tina Turner has died at the age of 83 after a long illness...
ACTIVE CRIME SCENE - ONE KILLED IN DRIVE-BY SHOOTING AT INTERSECTION R102 & KISSOON ROAD...
WATCH - FREAK ACCIDENT WHEN CAR REVERSES INTO A GROUP OF PEOPLE...
WATCH - Members of the Public Stopping the Arrest of Alleged Nigerian Drug Dealer to Remove Drugs on him...
VIGILANCE OF MEMBER OF THE PUBLIC RESULT IN ARREST OF SUSPECT...
WATCH VIDEO: Brave Petrol Attendant Risked his own Life to Save Others from Burning Taxi - A True Hero...
TEAMWORK LEADS TO ARREST OF SUSPECTS LINKED TO ARMED ROBBERY, HIJACKING & HOUSE BREAKING...
2 BYSTANDERS SHOT DEAD DURING CASH-IN-TRANSIT ROBBERY & BOMBING ON N12 PUTFONTEIN...
Click here to Edit social accounts