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Twitter Gets a New Crypto Bro CEO

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A crypto brother retires; another comes to take his place. Just weeks after announcing his offer on Twitter, Elon Musk signed a “definitive agreement” to buy full ownership of the company. The deal is valued at around $44 billion, and once it’s completed, Twitter will go public and become a private company.

Tesla CEO and meme enthusiast Elon Musk recently bought a large chunk of Twitter, enough to join the board of directors. He quickly decided to take over the entire company, citing his disappointment in the way Twitter handles “free speech” and spam. He also expressed an interest in making Twitter open source, which would spawn clones of the website and make it easier to develop third-party extensions.

Despite some applause on social media and a crackdown on buying poison pills by Twitter leaders, Elon Musk’s plan worked. This deal is simply too lucrative for shareholders to ignore: At a price of $54.20 per share, Musk is buying the shares at a nearly 40% premium.