#musk buys twitter

Twitter has announced that it has entered into a definitive agreement to be acquired by Elon Musk for a total of USD 44 billion. Twitter announced that Elon Musk is acquiring Twitter for USD 54.20 per share in cash or approximately USD 44 billion. Twitter says that the purchase price represents a 38% premium to Twitter's closing stock price on April 1, 2022, which was the last trading day before Musk disclosed his approximately 9% stake in Twitter. Elon Musk has revealed that Twitter's cash flow still remains negative ever since he bought it last 2022, this is due to the fact that it has roughly seen a 50% drop in ad revenue along with a "heavy debt load". Elon Musk has appointed Linda Yaccarino, a former advertising chief at NBCUniversal, as the new CEO of Twitter to address the company's decline in ad revenue. [caption id="attachment_333833" align="alignnone" width="1280"] Photo/ Linda Yaccarino on Twitter[/caption] Musk repositions himself as Executive Chairman and Chief Technical Officer overseeing on product and software development and technological innovation. https://t.co/TiSJtTWuky — Elon Musk (@elonmusk) May 12, 2023 Musk plans to revamp Twitter as "X, the everything app," which could include peer-to-peer payments. Previously, Musk has fired thousands of Twitter employees, then ran a lot of changes to the platform including the launch of a subscription product called Twitter Blue that costs USD 8 per month to verify accounts and give them verified check marks. Read more in our articles including "Elon Musk acquires Twitter for USD 44 billion" and "Elon Musk reveals that Twitter remains cash flow negative as ad revenue drops 50%".