Elon Musk has finally confirmed buying Twitter and going private for $44 billion. Here are all the details.
Elon Musk owns Tesla, SpaceX and now Twitter! After rumors of a deal surfaced last night, Musk has officially made it public. The Tesla CEO will acquire Twitter for $44 billion, with a stock value of $54.20. Musk also said that he’s going to take the company private and bring changes to the platform to make it ever better for debates and everything else. After that, Musk also released tweets, highlighting his plans and some other related content.
“Freedom of speech is the foundation of a working democracy, and Twitter is the digital city square where issues important to the future of humanity are debated. I also want to make Twitter better than ever by enhancing the product with new features, making algorithms open source to increase reliability, defeating spam bots, and validating it all. People. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it,” Elon Musk said in a statement via his Twitter account.
Elon Musk buys Twitter
All cash deals are expected to close by the end of the year. “Under the terms of the agreement, holders of Twitter stock will receive $54.20 in cash per share of Twitter common stock they own at the close of the proposed transaction. The purchase price is equivalent to 38% of Twitter’s closing stock price on April 1, 2022, the last trading day before Mr. Musk revealed about 9% of his stake in Twitter,” Twitter said in a statement. an official press release.
“The Twitter board conducted a thoughtful and comprehensive process to evaluate Elon’s proposal with a focus on value, certainty, and finance. The proposed transaction will yield a substantial cash premium, and we believe it is the best path forward for those who own shares of Twitter,” said Bret Taylor, Chairman of the Independent Board of Directors. of Twitter said.
Parag Agrawal, Twitter’s new CEO, also commented on whether the deal would be official. “Twitter has a purpose and relevance that impacts the entire world. Agrawal says incredibly proud of our teams and is inspired by the work that has never been more important.
Agrawal, however, also expressed his uncertainty over the deal. “Once the deal is closed, we don’t know which way the platform will go,” Agrawal said.
