What is Elon Musk’s net worth?
Elon Musk is currently the richest person in the world. As of 14 April Forbes says he is worth $269.7bn (£212bn).
On April 25, 2022, the Twitter board of directors agreed to a $44 billion buyout by Elon Musk.
Twitter and Mr Musk negotiated into the early hours of Monday morning, the New York Times reported, less than two weeks after the billionaire first revealed a massive stake.
Mr Musk said last week he had lined up $46.5bn (£36.2bn) in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal.
Twitter had enacted an anti-takeover measure known as a poison pill that could make a takeover attempt prohibitively expensive. The company issued new shares made available to current shareholders, excluding Mr Musk, that are worth double.
However, the board decided to negotiate after Mr Musk updated his proposal to show he had secured financing, according to the Wall Street Journal.
He owns 21 per cent of Tesla but has pledged more than half his stake as collateral for loans. He contributed much of its funding in its early days and has been CEO since 2008.
Tesla, whose main focus is electric vehicles, has seen its value skyrocket as people become more invested in renewable energy. It is now worth more than Ford, Toyota, Volkswagen, Hyundai and GM combined.
His rocket company SpaceX is valued at $74bn following a round of funding in February 2021 and securing a commercial contract with Nasa.
Musk was the CEO of Paypal during its early years and has gone on to found numerous other companies, including Neuralink, which focuses on connecting the human brain to computers, and The Boring Company, which builds tunnels for intra-city transit systems.
The 50-year-old’s rise up the list of the world’s richest people has been meteoric. He was the 35th richest person in the world at the start of 2020, before shooting past the likes of Bill Gates and Jeff Bezos, reaching the top of the tree in January 2021.
Investopedia says: “Thanks to the surge in Tesla shares in 2021 and private transactions boosting the reported valuation of SpaceX, Musk’s lead in the global wealth rankings has continued to grow. His net worth hit a high of $340bn in November 2021.”
Musk grew up in South Africa, before moving to Canada at the of age 17. He transferred to the University of Pennsylvania as a student and has since settled in the US.
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How would buying Twitter affect Elon Musk’s finances?
On 14 April Musk announced an offer to buy the social media platform for $54.20 (£42.20) per share, or about $43bn (£33.5bn), but did not say at the time how he would finance the acquisition.
Last week, he said in documents filed with US securities regulators that he would pay $21bn for the company himself.
He said the rest of the money would come from Morgan Stanley and other banks, some of it secured by his huge stake in electric car maker Tesla.
According to the breaking news, SpaceX and Tesla CEO Elon Musk have agreed to buy the US-based social media platform Twitter for $44 billion. Twitter confirmed the deal. 25.04.2022
SpaceX and Tesla’s CEO, Elon Musk, who recently bid for $54.20 per share for the US-based social media platform Twitter, agreed to buy Twitter for $44 billion. The statement made by Twitter also confirmed the agreement. It was stated that Twitter will be acquired by an organization owned entirely by Musk at $ 54.20 per share. Twitter will become a private company after the completion of the acquisition.
Announcing the agreement to acquire Twitter in a press release, Musk said, “Freedom of expression is the cornerstone of a functioning democracy. Twitter is the digital city square where issues vital to the future of humanity are discussed.”
“I also want to make Twitter better than ever by enhancing the product with new features, open-source algorithms to increase trust, defeating spambots, and verifying the identity of all people,” Musk said. Twitter has enormous potential. “I look forward to working with the company and the user community to bring it out.”
Twitter CEO Parag Agrawal said, “Twitter has a purpose and interest that affects the whole world. We are deeply proud of our teams and inspired by the work that matters more than ever before.” Bret Taylor, Independent Chairman of Twitter, said in a statement, “The Twitter Board of Directors conducted a rigorous evaluation process of Elon’s proposal with a focus on value, accuracy and funding. . “The proposed transaction will result in a substantial cash bonus and we believe it is the best way forward for Twitter shareholders.”
Twitter is an American microblogging and social networking service on which users post and interact with messages known as “tweets”. Registered users can post, like, and retweet tweets, but unregistered users can only read those that are publicly available. Users interact with Twitter through browser or mobile frontend software, or programmatically via its APIs. Prior to April 2020, services were accessible via SMS.The service is provided by Twitter, Inc., a corporation based in San Francisco, California, and has more than 25 offices around the world. Tweets were originally restricted to 140 characters, but the limit was doubled to 280 for non-CJK languages in November 2017. Audio and video tweets remain limited to 140 seconds for most accounts.
Twitter was created by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and launched in July of that year. By 2012, more than 100 million users posted 340 million tweets a day, and the service handled an average of 1.6 billion search queries per day. In 2013, it was one of the ten most-visited websites and has been described as “the SMS of the Internet”. By the start of 2019, Twitter had more than 330 million monthly active users. In practice, the vast majority of tweets are written by a minority of users.
How much Twitter did Elon Musk buy?
Roughly $44 billion
Elon Musk struck a deal on Monday to buy Twitter for roughly $44 billion, in a victory by the world’s richest man to take over the influential social network frequented by world leaders, celebrities and cultural trendsetters.
Why did Twitter sell to Musk?
Musk said at a conference that he made the offer to buy Twitter because it had “become kind of the de facto town square, so it is just really important that people have the reality and the perception that they are able to speak freely within the bounds of the law.”
How will Musk finance Twitter?
Musk will pay for Twitter using $25.5 billion in debt and margin loan financing along with $21 billion in equity commitments. Shortly before the stock was halted, investors were still pricing Twitter roughly $4, or 7%, below Musk’s bid price.