Twitter to be sold to Elon Musk for $44 billion

management Twitter agreed to businessman Elon Musk's proposal to buy out the social network. The company's press release was posted on the PR Newswire website .

Elon Musk plans to turn Twitter into a private company after the deal is completed.

Musk will buy the company at $54.2 per share. The transaction value was estimated at $44 billion.

On April 4 , it became known that the trust created by Musk bought almost $3 billion worth of Twitter shares , receiving 9.2% of the company. Musk himself joined Twitter’s board of directors and on April 14 proposed buying out the company entirely.

If on April 1, trading in shares closed at $39.3, then after the announcement of a new shareholder they rose to $49.9 and subsequently continued to grow. noted in a press release Musk's proposed price is 38% more than the price of shares on April 1, Twitter .