One of the richest people in the world, inventor Elon Musk decided to invest in Twitter. He buys the social network for $44 billion, thus buying 100% of its shares. Thus, he will become the sole owner of the platform, writes the Wall Street Journal.
Initially, the company’s management tried to resist the sole takeover. But when Elon Musk revealed the scheme for financing the deal, he agreed. For the purchase, Musk turned to several large banks. So, Morgan Stanley will give him a margin loan secured by Tesla shares. The businessman will take another 21 billion dollars from his personal savings. Such a purchase would be the largest deal of its kind in history.
Following the closing of the deal, Twitter will become a private company. It will be completed in full by the end of this year. The duration of the procedure depends on the preparatory stages, which include the approval of the transaction by shareholders and the receipt of all necessary permits from regulators.
But Musk has already begun to settle into a new role, including after he acquired a 9.2% stake in the social network in early April. He also condemned Twitter’s approach to censoring content.