It is official! Twitter accepts Elon Musk’s offer to buy the company!
It is official! After going back and forth with Elon Musk, Twitter accepted his offer to buy the company for about $ 44 billion! CNN reports that the deal will take the company private and the billionaire has become one of Twitter’s largest shareholders. With everyone talking about the purchase, let’s dive into the terms of the deal! CNN claims that shareholders will receive $54.20 in cash for every Twitter share they own.
This would match Elon’s original offer and mark a 38 percent premium to the stock price before Musk revealed his stake in the company. StockX and Tesla CEOs released a statement on the acquisition of the company stating, “Freedom of expression is the cornerstone of a working democracy, and Twitter is the digital town square where Issues important to the future of humanity are debated. He added, “Twitter has huge potential – I look forward to working with the company and the user community to unlock it.”
Although the deal, which has been unanimously approved by Twitter’s board of directors, is official, it is expected to be finalized and closed this year. The council met on Sunday to evaluate Elon’s offer. Twitter Independent Board Chairman Bret Taylor spoke out about the deal, saying, “The Twitter board conducted a thoughtful and comprehensive process to evaluate Elon’s proposal with a focus on Elon value, certainty and finance.” He also said the deal is “the best way forward for Twitter shareholders.”
Elon’s name has been trending online all day as many Twitter users have expressed concerns about the future of the platform. Partly because of his stance on free speech. One person tweeted, “Elon Musk better come here, sit down and don’t touch anything!” Another tweeted, “Elon Musk now owns Twitter. From this date onwards, April 25th is “Twitter Independence Day”. Roommate, are you looking forward to the changes?
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