Elon Musk buys Twitter for $44 billion

Twitter's board of directors has approved billionaire Elon Musk's bid to acquire the platform for $44 billion.

Musk, who presented the platform less than two weeks ago, says he is the right person to unlock the platform's "enormous potential."

He also called for a number of changes, from easing restrictions on content to removing fake accounts.

Musk is, according to Forbes magazine, the richest person in the world, with an estimated fortune of $273.6 billion, most of which is due to his participation in the electric car manufacturer Tesla that he manages. He also heads the space company SpaceX.

"Freedom of speech is the foundation of a functioning democracy, and Twitter is the stage for a digital city where issues vital to humanity's future are discussed," Musk said in a statement announcing the deal.

Can Musk change Twitter?

As part of the acquisition, which is expected to be completed later in the year, Twitter shares will be deleted, making it private.

Musk says this will give him the freedom to make any changes he wants.

Among other ideas, Musk suggested allowing long posts and letting users edit posts after they've been published.

On Monday, Twitter shares closed down more than 5% after the announcement. But the price remained below musk's offer of $54.20 per share, a sign that Wall Street believes it is paying too much for the company.

Musk said he was "not concerned about the economics" of the purchase. However, he will lead a company with a choppy financial history.

Despite its influence, Twitter has rarely made a profit and user growth has slowed, particularly in the United States.

The company finished 2021 with $5 billion in revenue and 217 million worldwide, a fraction of the numbers other platforms like Facebook are reporting.

However, Twitter Chairman Brett Taylor said he had fully evaluated Musk's proposal and that it was the "best course of action for Twitter contributors".

It is not clear who he will take over the management of the Twitter platform after the agreement to acquire it

Twitter is run by CEO Parag Grawal, who took over the role last November from co-founder and former president Jack Dorsey.

But Musk criticized Twitter's management in the takeover offer document, telling the board of directors: "I have no confidence in management."
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