Elon Musk finally closes Twitter purchase for $44 billion

Elon Musk has acquired the entirety of the social network Twitter after putting off the decision for several months for different reasons.. The global billionaire paid a total of $44 billion for the remaining shares.

Officially, Elon Musk has acquired all the shares of the Twitter platform, thus becoming the outright owner of the platform.. The settlement reportedly closed at 5 p.m. today, the deadline for reopening the lawsuit previously filed by Twitter executives. ET today reopened the deadline for the lawsuit previously filed by Twitter executives.

Elon Musk’s odyssey to buy Twitter.

The purchase of the social network by the richest man on the planet has become a multi-step story that has stretched from April to the present.

In April, the same Elon Musk submitted his bid for Twitter, agreeing to pay $54.20 per share.for a total of $44 billion. Initially, the board of directors was reluctant to accept Musk’s proposal.They even adopted several strategies to reject the offer, but eventually gave the go-ahead and agreed to the full purchase of the platform.

Musk established a set of stipulations that Twitter had to meet as a social network in order to proceed with the purchase. After the contract was signed, Elon Mus’s team determined that Twitter’s management misrepresented some data to paint a better picture than actually existed.. This data was about the amount of bots and spam on the platform.

For this reason, in July Elon Musk decided to withdraw from the acquisition of Twitter.But it would not be that simple. The administration would decide to sue Musk to force him to comply with the agreement.. This lawsuit would last until today, but is currently stalled and after the purchase was confirmed as withdrawn.

Earlier this month, Elon Musk himself reportedly bid again for the same value as proposed in April, $44 billion.. The administration also agreed, and today the deal was closed, just as the deadline for the lawsuit against Musk was due to be reactivated. At the time of the purchase, Twitter’s stock price was $53.7, slightly lower than what was paid for the purchase.

Musk’s new era inside Twitter.

With the total purchase of all shares in the platform, Elon Musk became its sole owner and can exercise it at will.. The first of his decisions was. to dismiss CEO Parag Agrawal and two other senior executives. of the platform.

Another new feature that has been implemented on the platform with Elon Musk’s coming to power concerns NFTs. Now the social network will see a larger image of the NFT along with details such as the title and creator of the NFT.. For this, the social network has partnered with four NFT marketplaces, such as: Magic Eden, Rarible, Dapper Labs, and Jump.trade..

On the other hand, S&P Dow Jones index confirmed that Arch Capital Group Ltd (ACGL) will take the place of Twitter Inc (TWTR) in the S&P 500.. This change will take place before the market opens next Tuesday, November 1.

The cryptographic platform community, which is voluminous, took Musk’s purchase as a step forward for the future.. The tycoon has not yet revealed what cryptocurrency plans he has in store for Twitter, but no doubt there will be many. In June of this year, Musk held a meeting with the platform’s board of directors in which he explained the logic of how Twitter could implement cryptocurrency payments on the platform.

On the other hand, Twitter is one of the social networks most closely related to digital assets.. In 2021 it added the ability to do donations to artists on the platform using BTC as a payment method. The social network also allows its users to post an NFT as a profile picture and was one of the first networks to test the theft of a new association program. Stripe payment processorwhich accepts USDC payments through Polygon.

Continue reading as Blockchain.com launches its own cryptocurrency debit card from VisaThis could be interesting.