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Elon Musk Finally Buys Twitter
After a series of tweets in the past few days, tech billionaire Elon Musk has finalized his deal in purchasing the social media platform.
Tesla's CEO has bought the company in an all-cash deal for $44 billion.
Twitter will be owned by Musk as each share is valued at $54.20
For the deal, Musk secured $25.5 billion of debt and margin loan financing. In addition, he will give over $21 billion in equity to complete the deal.
Musk's Twitter takeover has emerged as the third biggest tech acquisition in history
The 16-year-old social media platform will be becoming a private entity once the deal is complete later this year.
The press release shared by the company quoted both CEO Parag Agarwal and chairman Bret Taylor. So it appears that Agarwal will continue to run Twitter for the time being.