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Elon Musk taking Twitter private in $44 billion deal

Former President Trump tells Fox News he won't return even if account is reinstated.

A photo illustration shows Elon Musk's twitter account and the Twitter logo
Elon Musk's twitter account is seen on a smartphone in front of the Twitter logo in this photo illustration.
Dado Ruvic / Reuters illustration
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NEW YORK -- Elon Musk clinched a deal to buy Twitter Inc for $44 billion cash on Monday in a transaction that will shift control of the social media platform populated by millions of users and global leaders to the world's richest person.

It is a seminal moment for the 16-year-old company that emerged as one of the world's most influential public squares and now faces a string of challenges.

Discussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer.

Under pressure, Twitter started negotiating with Musk to buy the company at the proposed $54.20 per share price. Read full story

"Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated," Musk said in a statement.

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Twitter's shares were up about 6% following the news.

Former U.S. President Donald Trump said on Monday that he will not return to Twitter even if his account is reinstated following Musk's purchase.

Trump told Fox News that he will formally join his own Truth Social startup over the next seven days, as planned.

"I am not going on Twitter, I am going to stay on Truth," Trump saids. "I hope Elon buys Twitter because he’ll make improvements to it and he is a good man, but I am going to be staying on Truth."

Related Topics: BUSINESSSOCIAL MEDIA
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