Last updated on August 4th, 2023 at 05:58 pm
The 50-years old, Elon Musk (born June 28, 1971, in Pretoria, Transvaal, South Africa) is an entrepreneur, investor, media proprietor, and business magnate who is the founder, CEO, and Chief Engineer at SpaceX; early-stage investor, CEO, and Product Architect of Tesla, Inc.; founder of The Boring Company; and co-founder of Neuralink and OpenAI. With an estimated net worth of around US$273 billion as of April 2022, he is the wealthiest person in the world.
Elon Musk Buys Twitter
Twitter's board accepted billionaire Elon Musk's offer to buy the social media company and take it private, the company confirmed. "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 in the press release announcing the $44 billion deal. "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 spambots, and authenticating all humans. Twitter has tremendous potential - I look forward to working with the company and the community of users to unlock it". The cash deal at $54.20 per share is valued at around $44 billion, according to the press release.
Elon Must indicated that his primary interest in Twitter has to do with what he views as the company's censorship of free speech, Musk critics are concerned that the billionaire's control over the platform will result in the silencing of their voices and others with whom he may disagree, given that he's often blocked critics from his personal account. His interest in Twitter comes from his own frequent use of the platform. The Tesla and SpaceX CEO often uses his large platform to share jokes, engage with his 83.6 million followers and make business announcements. He later got in trouble and he came under SEC investigation after tweeting in 2018 that he had secured funding at $420 per share to take Tesla private. The agency charged Musk with securities fraud as a result of those tweets. Musk and Tesla reached a revised settlement agreement over those charges in 2019, which Musk is now attempting to terminate. At the TED2022 conference, Musk shared how he would like to see the platform change under his ownership. "I think it's very important for there to be an inclusive arena for free speech", he said at the time, acknowledging that some content moderation would be needed to deal with explicit calls to violence and ensure the service complied with the laws in the country in which it operates. He also said he generally would prefer "time-outs" to permanent bans, which could suggest a path for former President Donald Trump to rejoin the platform under Musk's control.
"Twitter, Inc. (NYSE: TWTR) announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company. Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter's closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter. Bret Taylor, Twitter's Independent Board Chair, said, "The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders." Parag Agrawal, Twitter's CEO, said, "Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important".
How much is Twitter worth?
Twitter is an American microblogging and social networking service which was created by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and launched in July of that year. The service is provided by Twitter, Inc., a corporation based in San Francisco, California, and has more than 25 offices around the world. Dorsey stepped down on Nov. 29, 2021. His replacement, Parag Agrawal, first joined the company in 2011 and most recently served as chief technology officer. As of 2022, Twitter's net worth is $13.316 Billion whereas its market cap is $29.05 Billion.
On 25th April 2022, the Twitter board of directors agreed to a $44 billion buyout by Elon Musk, the CEO of SpaceX and Tesla, potentially making it one of the biggest deals to turn a company private. Back on 4th April 2022, Elon Musk revealed that he had bought 9.1% of Twitter for $2.64 billion. Due to this, Twitter's stock rose by as much as 27% and Twitter shares experienced the largest intraday surge since Twitter's IPO in 2013. Musk was offered a seat on Twitter's board of directors as part of a deal that prohibited him from acquiring more than 14.9% of the company, but Musk decided not to join the board before his appointment became effective on April 9. Further, he made an unsolicited offer on April 14 to acquire Twitter for $43 billion and take the company private. On 20th April, Musk secured $46.5 billion as a tender offer to buy Twitter. On 25th April, it was reported that Twitter was prepared to accept Musk's offer, with the board publicly accepting the offer later that day.
Elon Musk Net Worth 2022
Elon Musk, the co-founder and CEO of Tesla, is currently the richest person in the world. He is the wealthiest person in the world according to both the Bloomberg Billionaires Index and the Forbes real-time billionaires list. Elon Musk has accumulated a net worth of $264.6 Billion as of 2022. He owns 21 percent of Tesla but has pledged more than half his stake as collateral for loans. He contributed much of its funding in its early days and has been CEO since 2008. His rocket company SpaceX is valued at $74 billion following a round of funding in February 2021 and securing a commercial contract with Nasa. Back in October 2021, he made a whopping $37 Billion in a single day when the price of Tesla stock soared by 13 percent. In April 2022, he became the largest shareholder of the social media giant Twitter and became a member of Twitter's board of directors. He is the richest billionaire but he isn't yet a trillionaire. Also, he owns three types of cryptocurrency: Bitcoin, Ether, and, Dogecoin.
In 2021, Elon Musk reportedly donated $6 Billion worth of Tesla stock to undisclosed charities, The New York Times reported. In the same year, he tweeted that he would donate $6 billion to the United Nations World Food Program if they could prove it would solve world hunger and the organization responded with an outlined plan; as a result, some believe they may have been the beneficiary of his donation. In 2015, he donated $10 million to the Future of Life Institute, which specializes in artificial intelligence regulation.