The world’s richest man Elon Musk copped a major deal on Monday.
The billionaire bought Twitter for roughly $44 billion, to take over the influential social network frequented by world leaders, celebrities and cultural trendsetters.
Twitter agreed to sell itself to Mr. Musk for $54.20 a share, a 38 per cent premium over the company’s share price this month before he revealed he was the firm’s single largest shareholder. It would be the largest deal to take a company private — something Mr. Musk has said he will do with Twitter — in at least two decades, according to data compiled by Dealogic.
The deal, which has been unanimously approved by Twitter’s board, is expected to close this year.
Since the news dropped, users took to the social media site to react. “How does one have $44 billion to spend on a bird app? not million but billion !!??!” said one user, while another said, “I can think of a million other things I could spend $44 billion on and the bird app isn’t one of them.”