Elon Musk acquires Twitter for about $44 billion. So, Twitter becomes a private company.
Tesla CEO Elon Musk acquires Twitter bird finally for $44 billion, as the company’s board decided to succumb to his takeover offer as his “best and last” offer. Social media confirmed the news by sharing that the company owned by Elon Musk has offered a cash offer of $54.20 per share to acquire Twitter.
“Twitter’s board has taken a thoughtful and comprehensive process to evaluate Elon’s proposal, with a careful focus on value, security and financing. The proposed transaction will result in a large amount of cash compensation and I believe this is the best way for Twitter shareholders,” said Twitter’s Independent Chief Executive Officer, Bret Taylor.
“Twitter has a purpose and relevance that influences the whole world. We are deeply proud of our team and inspired by more important work than ever before. Freedom of speech is a working democracy. Twitter is a digital marketplace where important things are discussed for the future of humanity,” says Musk. “It has an open-source algorithm that enhances trust and spam. Defeat bots and authenticate all humans. Twitter has great potential. We look forward to working with the company and the community of users to unlock Twitter,” said Twitter CEO Parag Agrawal.
Musk secures $ 25.5 billion in fully committed debt and margin loan financing and offers an equity commitment of approximately $ 21 billion. Meanwhile, Twitter will announce the results of the first quarter of 2022 before the market opens on April 28, 2022.
The first Tweet of Elon musk after finalizing the deal:-
The Chaos before the deal:-
In early April, Musk offered to buy Twitter for $ 54.20 per share, or about $ 43 billion.
Twitter’s board of directors met on Sunday to discuss Musk’s funding plans. According to the New York Times, the board negotiated with Musk until early Monday morning.
Twitter’s share rose nearly 6% on Monday afternoon. This is mainly due to media speculation that trading was expected, if not earlier, after the market closed.
So far, social media giants have been expected to decline transactions, including plans for Mask to delist from the stock market.
Twitter has introduced the so-called “poison pill” to avoid the possibility of hostile takeovers.
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