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Monday, May 16, 2022

BREAKING: Elon Musk buys Twitter for $44bn, twice the net worth of Dangote

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.

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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.”

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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.

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