Elon Musk has officially taken over Twitter after his bid to buy the company for $44 billion (5.1 trillion) sailed through. Twitter announced that Musk had purchased the bird app at $54.20 a share as per his offer on April 14.
“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 said in a statement included with the release.
The Tesla boss has been a sharp critic regarding free speech on the social media platform. When he purchased a 9.2 stake in the platform in March, Musk indicated that the platform had a lot of potential.
“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.”
In a recent tweet, Musk said that he would eradicate the bots or die trying.
Twitter CEO Parag Agrawal lauded the deal saying,
“Twitter has a purpose and relevance that impacts the entire world,” Agrawal said in an accompanying statement.
“Deeply proud of our teams and inspired by the work that has never been more important.”
In an SEC filing on Thursday, Musk outlined his finance strategy, which includes $25.5 billion in loans and $21 billion in personal equity. According to analysts, the loans might cost Twitter up to $1 billion per year in maintenance expenses, or nearly 20% of its annual income.