Why Amazon bought Twitter for $23 billion

Amazon bought online messaging company Twitter on Thursday for a reported $23.3 billion.

The deal closed the company’s $13.7 billion buyout of its parent company in 2016, making it the largest private equity company ever to buy a social media company.

The transaction gives Amazon access to Twitter’s user base, with more than 100 million active users, as well as its advertising revenue.

Amazon said it will share the cash proceeds with employees and “further enhance Twitter’s diversity and inclusion efforts.”

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