Elon Musk is the new owner of Twitter.
While his ownership bid was in some doubt, he's now completed a $44 billion purchase of the social media platform. It'll take some time for the deal to close in full, but Twitter's board formally accepted Musk's takeover bid, so it's his circus. One of Twitter's founders, Jack Dorsey, has endorsed the move, saying Musk is the 'singular solution' for the network.
After some will they-won't they drama, it seems that everything is in place for Musk to purchase Twitter for $44 billion, or $54.20 per share.
"Upon completion of the transaction, Twitter will become a privately held company," read a news release from Twitter.
Jack Dorsey, who founded Twitter along with three others back in 2006 and left the company in 2021, issued his approval of Musk buying the company.
It's significant news because earlier reports indicated Twitter would fight any Musk-led takeover of the company.
In a series of tweets accompanied by the song "Everything in its Right Place" by Radiohead, Dorsey expressed his approval of Musk's takeover in grandiose terms, saying he "trusts [Musk's] mission to extend the light of consciousness."
Musk has stated repeatedly that he wants Twitter to be a bastion of free speech, and Dorsey agrees with this vision, tweeting approvingly of Musk's plan for a platform that's "maximally trusted and broadly inclusive."
A month ago, Musk was making noises about buying Twitter, but it kind of seemed like he was trolling. Now that a deal has been struck, Musk is in full-blown celebration mode on Twitter.
It's unlikely that Musk's takeover will rock the Twitter boat too much, as it's been a successful platform on its own merits for years. But transforming it from a public to a private company will have ripple effects.
How can one do this? Perhaps by increasing the character limit somewhat?
In all seriousness, Musk says he wants to add new features to the platform while making its algorithms open source and fully transparent.
Dorsey's endorsement doesn't mean much in a vacuum as he's no longer involved with Twitter. But it's significant because Dorsey did run the company for 15 years.
We'll continue to update you on all the latest Elon Musk developments.
