Elon Musk Buys Twitter for $44 Billion, Sends Message to His Haters After Takeover

Elon Musk buys Twitter after the social media company's board has accepted an offer from the Tesla CEO, with Musk eyeing to take it private, according to the platform's announcement.

Musk said in a statement that he wants to make Twitter better than ever by enhancing the product with new features, while also making the algorithms open source to increase trust, as well as defeating spam bots, according to a CNBC News report.

In addition, Musk also said that he would be authenticating all humans on the social media platform, noting that Twitter has "tremendous potential."

The press release noted that the cash deal at $54.20 per share is valued at around $44 billion. Twitter would become a private company on completion of the deal, requiring shareholder and regulatory approval.

Musk tweeted upon the news of Twitter's approval of the deal, saying that he hopes that even his worst critic stays on Twitter "because that is what free speech means."

Elon Musk Buys Twitter

If Elon Musk takes ownership of Twitter, the social media platform will be controlled by the world's richest person and someone who's been a heavy critic of the platform while using it in legally contentious ways.

Musk critics are concerned that the Tesla CEO's control over the platform will lead to silencing their voices and others with whom he may disagree.

Meanwhile, former U.S. President Donald Trump will not return to Twitter even as Musk purchases the company. Instead, the former president said he will be using his own TRUTH Social as the sole platform for his voice, according to a Fox News report.

Trump announced that he will formally join his own TRUTH Social over the next seven days as planned. However, he noted that he hopes Musk buys Twitter as he sees the Tesla tycoon to make improvements to it.

Trump said that Twitter has bots and fake accounts, adding that they are doing everything they can, but that the bottom line is, that he is not going back to Twitter.

The former president was suspended from Twitter, Facebook, Instagram, and Snapchat after the Jan. 6, 2021 Capitol riot.

Elon Musk's Offer to Twitter

People with knowledge of the offered deal said that the situation involving Twitter and Elon Musk "remains fluid and fast-moving," according to The New York Times report.

Musk detailed in a securities filing made public how he had put together financing from the investment bank Morgan Stanley and a group of other lenders, which they were offering $13 billion in debt financing.

In addition, another $12.5 billion in loans against Musk's stock in Tesla. Musk said he would use another $21 billion in cash to buy the rest of Twitter's equity.

Several analysts have said they expected Twitter's board to only accept a bid that valued it at a minimum of $60 a share.

Twitter's stock rose above a $70 a share last year when the company announced goals to double its revenue. However, it has fallen around $48 as investors have questioned its ability to meet those targets.

This article is owned by Latin Post.

Written by Mary Webber

WATCH: BREAKING: Elon Musk Reaches Deal To Buy Twitter - from MSNBC