The daily business briefing: April 26, 2022

Twitter accepts Elon Musk's $44 billion buyout offer, a judge holds Trump in civil contempt, and more

Pedestrians walk past Trump Tower
Pedestrians walk past Trump Tower
(Image credit: Spencer Platt/Getty Images)

1. Twitter accepts Elon Musk's $44 billion takeover offer

Twitter announced Monday that it would accept Tesla CEO Elon Musk's $44 billion offer to buy the social media company and take it private. Musk launched his hostile takeover bid after scooping up about 9 percent of Twitter stock to become its biggest shareholder. He will pay Twitter investors $54.20 in cash for every share of their stock, a 38 percent premium over the price on the day he revealed his stake in the company. Twitter initially resisted but reexamined the offer after Musk announced he had lined up more than enough financing. He vowed to "unlock" the company's "tremendous potential" and reduce restrictions on free speech.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.