Addis Ababa, Ethiopia (28 October 2022)

Six months after Elon Musk, CEO of Tesla and SpaceX, offered to buy out Twitter for $54.20 per share, the deal came to a conclusion on Thursday at $53.86 per sharre, a small discount from the original deal price.

The stock will be delisted from the New York Stock Exchange today October 28, 2022. It is the largest social media transaction since Microsoft purchased LinkedIn in 2016.

Musk has since stated that he sees Twitter as a platform for developing a “super app” that will provide services ranging from money transfers to shopping and ride hailing.

As one of his first actions as owner of the platform, Musk terminated Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde, according to CBC. He had accused them of misleading him and Twitter investors over the number of fake accounts on the social media platform.

His reported statement about plans to cut jobs has also left Twitter’s approximately 7,500 employees worrying about their future at the company.

The $44 billion acquisition, first proposed and accepted in April 2022, concludes a remarkable saga full of fluctuations that raised doubts about Musk’s decision to complete the deal.

Source: CBC, Vox


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