Elon Musk bought Twitter for $ 44 billion, appealed to users

The world's richest person and Tesla CEO Elon Musk on Monday bought Twitter for $ 44 billion (Rs 3.30 lakh crore). The entire deal was done in cash. With this deal, the management of the Internet media platform, which came into existence 16 years ago, will go into the hands of Musk. The White House did not comment on the deal but said President Joe Biden is concerned about the power of the Internet media. At the same time, former President Donald Trump has said that now even if Twitter restores his account, he will not return to this platform.

It is said that a board meeting was also held in this regard on Sunday morning, in which 11 members supported the proposal. Musk presented his financial proposal to Twitter shareholders. Earlier, Elon Musk had said in a tweet, 'I hope my worst critics stay on Twitter because that's what free speech means.' Let us tell you that Musk had put a price of $ 4,300 million (Rs 3.22 lakh crore at the current price) for $ 54.20 per share and offered to pay in cash. He had said that for the kind of effective changes that are needed in Twitter, it must first go into private hands. Musk was in talks to buy Twitter in his capacity and Tesla was not involved in the deal. Twitter shares were up 4.5 percent at $51.15 in pre-market trading on the New York Stock Exchange on Monday. The New York Stock Exchange temporarily halted the trading of Twitter shares before the deal was announced. Twitter's share price increased by six percent when trading started again.

Let us tell you that when Musk offered to buy Twitter, the big question was raised whether he had the funds for it. This was followed by reports that several private equity firms expressed their willingness to partner with him. In this context, he said in the US stock market information last week that Morgan Stanley and other banks have agreed to give him a loan of $ 13 billion. In addition, he will take a loan of $12.5 billion against his stock in Tesla. While it will buy the remaining stake in Twitter through a cash payment of $ 21 billion. Morgan Stanley has also invested in Musk's electric car company Tesla.

Musk already had a 9.2 percent stake in Twitter

Elon Musk already had a 9.2 percent stake in Twitter. He was also the largest shareholder of the company. However, a few days ago, asset management firm Vanguard Group surprised everyone by making public the information that it holds a 10.3 percent stake in Twitter. However, this claim could not be confirmed so far. The special thing is that when Musk had proposed to take over Twitter a few days ago, the company's shareholder and Saudi Prince Alwaleed bin Talal rejected it, saying that the proposed offer was not a fair valuation of the company.