Twitter Inc has finally accepted the offer made by the billionaire founder of Tesla and SpaceX, Elon Musk, to buy the social media platform and privatize it.
Elon Musk Buys Twitter
KanyiDaily recalls that Elon Musk had recently offered to buy Twitter for $43 billion, describing the offer as “best and final”, saying that he wants to transform the social media platform into a private company.
On Monday, sources said that the social media company and the billionaire are finalizing terms for the transaction, and that could be completed today should everything “go smoothly.”
In a statement on Monday evening, April 25, Twitter confirmed it had entered into a definitive agreement to be acquired by Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion.
Upon completion of the transaction, Twitter will become a privately held company.
Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction.
The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.
Bret Taylor, Twitter’s Independent Board Chair, said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Twitter’s CEO, Parag Agrawal said, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”
Confirming the takeover in a tweet, Musk said: “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.
“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots and authenticating all humans.
“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
KanyiDaily recalls that Elon Musk had also revealed that he will cut the salaries of the Twitter board of directors to zero if he successfully acquires the company.