On Monday, 25th April 2022, the company ‘Twitter’ announced in a regulatory filing that, the richest person in the world ‘Elon Musk’ is going to be purchasing Twitter for around 44 billion dollars. Twitter said, the deal had been unanimously approved by the board of directors of the company and is also expected for closing in 2022 after the pending regulatory clearance and approval from the shareholders.
This development has come weeks after Elon Musk has declared a stake of 9.2 percent in Twitter, which has made Elon Musk the biggest shareholder in the company on 4th April 2022. Although, Elon Musk has decided not to join the board of directors of Twitter.
On completion of the deal between Twitter and Elon Musk, the social media company is going to become a privately held company and this means that, the company is no longer going to be traded or listed on a public stock exchange. The company is also not going to have to report its financial information to the markets regulator known as Security and Exchange Commission and will also not required to follow most of its rules.
After the confirmation of the acquisition, Elon Musk said, he always wanted to make Twitter batter than ever with the help of introducing some new features, which is making the algorithms of Twitter an open source, along with deleting the authenticating human users and spam accounts.