There was an update on Oct 27th, 2022,1pm.
According to several reports Thursday evening, the world's wealthiest man has finally completed his $44 billion deal to take over the company, and immediately went to work rebuilding the company to his vision.
After six months, Musk's purchase of the social networking site is complete.
CNBC reported Thursday night that one of Musk's first orders of business appeared to be showing several executives the door.
According to documents and interviews obtained by the Washington Post last week, Musk plans to fire 75% of his employees when he becomes president.
Musk has floated several changes to the site, including charging a small fee, reducing the number of fake andspam accounts from the site, changing the content algorithm to enhance "free speech," and adding an edit button for all users.
Musk said in May that he plans to restore the account of Donald Trump, who the platform banned in January due to the risk of further violence, though Trump claims he wouldn't rejoin.
In order to finance the deal, Musk may need to sell another $5 to $10 billion inTesla stock, which would add to the $30 billion he has already sold this year.
Musk has said he may use his new $44 billion plaything to build out what he calls his X "everything app," a mobile app which could bring together a variety of unrelated services.
A judge could have forced Musk to buy Twitter if he had not closed the acquisition by Friday. The New York Stock Exchange suspended trading on Friday in anticipation of the deal closing after Musk posted a video of himself at the company's headquarters. The company was valued at $54.20 per share, a 30% premium to Musk's offer. In July, Musk tried to back out of the deal, claiming that the company misled him about the presence of bots. October 3 was when Musk said he would move forward with the deal at the original terms. The likelihood of the deal going through was briefly spooked by a report last Thursday, but the White House denied any review was underway. They did not respond to Forbes.
The $44 billion price tag for Twitter will be one of the most overpaid tech acquisitions in the history of M&A deals.
The stock traded as low as $32 this summer. According to the Wall Street Journal, billionaire Carl Icahn will make as much as $250 million if the deal goes through, after buying up more than $500 million in the company.
It is estimated that Musk is the wealthiest person on the planet with a value of $62 billion. Musk has lost more than $100 billion this year as his company's stock price plummets.
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