Twitter on Monday announced that it has reached a deal to be acquired by an entity wholly owned by the world's richest man, Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion.

  • The deal, which is expected to close in 2022, subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals and the satisfaction of other customary closing conditions, will make Twitter become a privately held company.
  • In an official statement released by the company, Musk says it wants "to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans."
  • Before the takeover, Twitter's market value stood at around $39.4 billion, as of April 25, while the social media company's global monetizable daily active users (mDAU) amounted to 217 million users as of 2021.