Twitter has announced that it has reached an agreement with Elon Musk for a €41 billion sale.
Earlier this year Musk had already become the largest Twitter shareholder after taking a 9.2 percent stake in the company. However last night it came out that Musk and Twitter executives were in the final stages of the deal that will see the Tesla CEO take full control of the social media platform.
In the statement on Twitter announcing the agreement, Musk said: "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.
He went on to say "I also want 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. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it."
With the announcement, many were puzzled as to how the entrepreneur was able to purchase the social media giant seeing as the majority of his wealth is in stocks. It became clear how though as Musk has received backing from Morgan Stanley as well as other lenders. According to his financial plan,they are offering €15 billion in debt financing as well as a further €11.6 billion in loans against his stock in Tesla.
Fingers crossed he'll make it easier to get verified.
