Along with Russian investors and a Chinese Bank, Donald Trump has purchased the social media website Twitter for $7.8 billion. The filings say Trump used $55 million of his own money.
The stock of the company had been trading around $16 for weeks while with rumors of buyers but no firm bids, that is until Trump and his foreign investor friends made a cash offer that the shareholders couldn’t refuse because of risk that the company’s worth could plummet even further.
Chinese Bank CEO Yung Chi told Bloomberg News, “Trump is the king of Twitter, so there’s no better brand to partner with. We’ve always enjoyed working with him.” Even though Twitter is banned in China, the bank says it will not affect foreign markets.
Trump wants control of the social media company to help promote his new media empire. “I got a great deal on it. I always do,” said Trump. “I didn’t put up much money and own most of it. What a deal. Probably the best deal ever and definitely the best tech deal ever. By far.”
We’ll have to see how Twitter continues to evolve under Trump’s watch. “I know Twitter better than anyone, trust me.”