Musk gets Twitter for $44 billion, to cheers and fears of 'free speech' plan

Twitter shares rose 5.7% on Monday to finish at $51.70. The deal represents a near 40% premium to the closing price the day before Musk disclosed he had bought a more than 9% stake

Elon Musk clinched a deal to buy Twitter Inc (TWTR.N) 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.

According to the Qazet.az it is a seminal moment for the 16-year-old company, which emerged as one of the world's most influential public squares and now faces a string of challenges.

Musk, who calls himself a free speech absolutist, has criticized Twitter's moderation. He wants Twitter's algorithm for prioritizing tweets to be public and objects to giving too much power on the service to corporations that advertise.

Political activists expect that a Musk regime will mean less moderation and reinstatement of banned individuals including former President Donald Trump.

Conservatives cheered the prospect of fewer controls while some human rights activists voiced fears of a rise in hate speech

Former Twitter CEO Jack Dorsey weighed in on the deal late on Monday with a series of tweets that thanked both Musk and current Twitter CEO Parag Agrawal for "getting the company out of an impossible situation."

"Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step," he said.