Elon Musk to acquire Twitter for $44 billion, take it private

Billionaire entrepreneur Elon Musk agreed to buy Twitter Inc for $44 billion cash, using one of the biggest leveraged buyout deals in history to take private a 16-year-old social networking platform that has become a hub of public discourse and a flashpoint in the debate over online free speech.

Investors will receive $54.2 for each Twitter share they own the company said in a statement Monday. The price is 38% more than the stock’s close on April 1, the last business day business day before Musk disclosed a significant stake in the company, sparking a share rally.

“Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.“Twitter has a purpose and relevance that impacts the entire world,” its CEO Parag Agrawal tweeted.

Going private marks a dramatic turnabout for a company that got its start as a messaging service for sharing your status updates with friends, but quickly blossomed into a way for people to broadcast short posts of 140 characters or less to broadcast short posts of 140 characters or less to a public following

Twitter caught fire among politicians, celebrities and journ journalists and took its place alongside social media stalwarts Facebook and YouTube as a standard bearer of a new more interactive way of using the web that came to be known as web 2.0