World richest man, Elon Musk has acquired Twitter for a sum of $44bn, a little more than twice the net worth of Africa’s richest man, Aliko Dangote.
According to the latest Bloomberg billionaire’s index, Dangote is worth $20.4B and ranks 72nd in the world, Elon Musk on the other hand ranks first with a net worth of $259B.
Twitter on Monday confirmed the sale of the company to Elon Musk in a deal valued at $44 billion, $3.6bn more than the worth of Dangote.
The sale was a dramatic shift for the board, which had originally maneuvered to block Musk from taking the social media network private.
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a joint statement announcing the takeover.
Musk had taken a major stake in the firm earlier this month before lining up last week some $46.5 billion in financing to push forward with the purchase.
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Twitter board chair Bret Taylor said the body “conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” according to the statement.
“The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
The polarizing Tesla chief’s campaign to buy the social media giant sparked concern that his unpredictable statements and alleged bullying are contradictory to his stated aims for the platform.