FX.co ★ Elon Musk buys Twitter for $44 billion

The founding father of Tesla and SpaceX bought Twitter for $44 billion, the news broke on May 2.

Elon Musk believes Twitter has "extraordinary potential" and intends to make some significant improvements to the social network.

“Twitter is the digital town square where matters vital to the future of humanity are debated. I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans,” the billionaire said.

The businessman has outlined his priorities. He wants to make Twitter a social platform enjoying worldwide trust and freedom of speech. So, after an upgrade, every user will have the right to share an opinion.

“It’s just really important that people have both the reality and the perception that they are able to speak freely within the bounds of the law,” the billionaire underlined.

Musk acquired Twitter mostly with borrowed money. Banks lent him more than 50% of cash to secure the deal.

According to the document Musk filed with the US Securities and Exchange Commission (SEC), Morgan Stanley and other lenders provided $12.5 billion in margin loans to the businessman, secured against his Tesla stock.