It's Official: Elon Buys Twitter

The deal is expected to close by the end of 2022.

learn more about Emily Rella

By Emily Rella

Elon Musk has officially purchased Twitter, the company announced Monday afternoon.

"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 proclaimed in a statement released by Twitter. "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."

Related: Tesla Has Reportedly Been Using Bots Since 2013 to Manipulate Stock Prices

The deal is expected to close by the end of 2022 (pending approval of Twitter stockholders and other regulatory measures) and was unanimously approved by Twitter's board of directors.

Musk purchased the company for $54.20 per share in cash, valued at an estimated $44 billion total. Twitter, under Musk, will now become a privately held company once the deal reaches completion.

Stockholders will receive $54.20 in cash for each of their shares upon closing.

Rumors swirled early Monday morning that Musk had met with the board on Sunday evening as well as with independent shareholders on Friday in person, though neither were publicly confirmed.

"Twitter has a purpose and relevance that impacts the entire world," said Twitter CEO Parag Agrawal. "Deeply proud of our teams and inspired by the work that has never been more important."

Twitter stock surged over 5% Monday during premarket trading upon reports that the social media behometh was in talks to close a deal with Musk after an SEC filing was released that showed Musk was considering a tender offer to purchase Twitter shares directly from shareholders.

The billionaire previously said in a letter to Twitter Board chairman Brett Taylor via a different SEC filing that his offer to purchase the company for $54.20 per share was his "best and final."

Musk, who was elected to the Board and was supposed to officially take his seat on April 9, rejected the offer just days before he was set to begin.

"There will be distractions ahead, but our goals and priorities remain unchanged. The decisions we make and how we execute is in our hands, no one else's," Agrawal said in a letter to employees at the time. "Let's tune out the noise, and stay focused on the work and what we're building."

Twitter is expected to report on its Q1 2022 earnings this Thursday.

This is a developing story.

Related: Report: Twitter, Musk Deal Could Be Reached Early This Week

Emily Rella

Entrepreneur Staff

News Writer

Emily Rella is a news writer at Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Related Topics

Editor's Pick

The Dark Side of Pay Transparency — And What to Do If You Find Out You're Being Underpaid
Thinking of a Career Change? Here Are 4 Steps You Can Take to Get There.
A Founder Who Bootstrapped Her Jewelry Business With Just $1,000 Now Sees 7-Figure Revenue Because She Knew Something About Her Customers Nobody Else Did
Everything You Need to Know About Franchise Law
Business News

Carnival Cruise Wants Passengers to Have Fun in the Sun — But Do This, and You'll Get Burned With a New $500 Fee

The cruise line's updated contract follows a spate of unruly guest behavior across the tourism industry.

Starting a Business

90% of Online Businesses Fail in Just 4 Months. You Can Avoid the Same Fate By Using These Strategies.

It's not catastrophizing when we think about potential failure; it's in fact a chance for any business to precisely see any outcome and prepare in advance.

Business News

'Crying Northwestern Kid' Turned His Viral Fan Moment Into a Successful Harvard Admissions Essay. He Says the Experience Taught Him About Empathy.

Six years ago, Phillips was watching No. 8 Northwestern take on No. 1 Gonzaga during March Madness when he became a meme.


These 6 Leadership Skills Are Undervalued — But They Shouldn't Be, According to Employees

Pay attention to the subtle clues you give your team about your leadership style when you make a decision.


How to Bring Your Franchise to the Next Level With Marketing Automation

With the impacts of inflation and associated costs of running a business, automation is a powerful solution for streamlining a positive guest experience and overall marketing.