(Dreamstime)

By Canadian Press

Elon Musk has an agreement to acquire Twitter for about $44B

Apr 25, 2022 | 1:25 PM

Billionaire Elon Musk has reached an agreement to acquire Twitter for approximately $44 billion, the company said.

The outspoken Tesla CEO, the world’s wealthiest person, has said he wants to buy Twitter because he thinks it’s not living up to its potential as a platform for “free speech.”

He says it needs to be transformed as a private company in order to build trust with users and do better at serving what he calls the “societal imperative” of free speech.

Musk said in a joint statement with Twitter that he wants to make the service “better than ever” with new features, such as getting rid of automated “spam bots.”

Twitter said it will become a privately-held company after the sale is closed.

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Shares of Twitter Inc. rose six percent on Monday to $52 per share.

(The Associated Press)