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Musk Aquires Twitter
Description
Billionaire Elon Musk closed his $44 billion deal to buy Twitter ($TWTR@US) and promptly fired CEO Parag Agrawal and CFO Ned Segal. When Musk first made his offer in April, he was the company’s largest shareholder. He indicated that he would pay for the acquisition mostly with cash and $13 billion in debt. The deal will make Twitter a private company once again, allowing Musk to take more risks to re-invent the company. Musk has said that he wants to shift Twitter away from its business model that relies primarily on advertising and focus on other business models for revenue, such as a subscription model.
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