Elon Musk acquires Twitter for $44 billion in battle for free speech
Twitter's board has approved a $44bn (£34.5bn) deal that will see the social media company owned by the world's richest man, Elon Musk.
The deal, which was announced on Monday, will see Mr Musk pay $54.20 per share for Twitter, a 38% premium on the company's closing price on Friday.
The acquisition is expected to close in 2022, subject to the approval of Twitter's shareholders and regulators.
Musk plans to take Twitter private
In a statement, Mr Musk said he planned to take Twitter private and make it a "platform for free speech around the world".
He said he believed that Twitter had "tremendous potential" and that he was "excited to work with the company's talented employees to unlock that potential".
Twitter's board said it had "conducted a comprehensive review of the proposal" and that it was "confident that it is the best path forward for Twitter's stockholders".
Deal comes after months of speculation
The deal comes after months of speculation about Mr Musk's intentions towards Twitter.
In January, Mr Musk bought a 9.2% stake in Twitter, making him the company's largest shareholder.
He was then offered a seat on Twitter's board, but he declined, leading to speculation that he was planning to make a takeover bid.
Musk's plans for Twitter
Mr Musk has said that he wants to make Twitter a platform for free speech, and that he believes that the company's current policies are too restrictive.
He has also said that he wants to make Twitter more profitable, and that he believes that the company can be worth more than $54.20 per share.
Reaction to the deal
The deal has been met with mixed reactions.
Some analysts have said that it is a good deal for Twitter's shareholders, while others have expressed concerns about Mr Musk's plans for the company.
The deal has also been criticized by some human rights groups, who have expressed concerns that Mr Musk's plans to make Twitter a platform for free speech could lead to an increase in hate speech and misinformation.
Conclusion
The acquisition of Twitter by Elon Musk is a significant event in the history of social media.
It remains to be seen whether Mr Musk's plans for the company will be successful, but his acquisition is sure to have a major impact on the way that people use social media.
Smyth: My free advice for Elon Musk
In a recent interview with the BBC, former Twitter CEO Dick Costolo gave Elon Musk some free advice on how to run the company.
Costolo said that Musk should focus on making Twitter more user-friendly and less confusing.
He also said that Musk should be careful not to alienate Twitter's core users.
