Has Twitter Been Sold?
In a deal worth $44 billion, billionaire Elon Musk, CEO of Austin-based automaker Tesla, has agreed to buy Twitter Inc.
In less than a month, the Tesla and SpaceX CEO became one of Twitter’s largest shareholders, was offered and turned down a seat on its board, and made a bid to buy the firm.
Shareholders would receive $54.20 in cash for each share of Twitter stock they own under the terms of the agreement, which matches Musk’s original offer and represents a 38 percent premium over the stock price the day before Musk declared his position in the firm.
Twitter’s board of directors unanimously authorized the purchase, which is scheduled to close this year.
The agreement comes after Musk claimed last week that he had secured $46.5 billion in financing to buy Twitter, a move that appears to have prompted Twitter’s board to seriously explore the purchase. The board met on Sunday to consider Musk’s proposal.
In a statement, Twitter independent board chair Bret Taylor stated, “The Twitter Board conducted a thoughtful and comprehensive process to review Elon’s proposal with a deliberate focus on value, predictability, and finance,” calling the acquisition “the greatest way forward for Twitter’s stockholders.”
Following the announcement of the acquisition, Twitter shares were up about 6%, hovering around $51.84, slightly below the offer price.
If shareholders and authorities approved the acquisition, the world’s richest man will become the CEO of one of the world’s most powerful social media companies.
Musk has stated several times in recent days that his goal is to strengthen free expression on Twitter and try to “unlock” the platform’s “amazing potential.”
Musk went on to say that he wants to “make Twitter better than ever by upgrading the platform with new features, making the algorithms open source to improve trust, fighting spambots, and authenticating all people,” according to his Monday statement.
In another tweet on Monday, he expressed his desire that “even my harshest detractors remain on Twitter because that is what free expression means.”
Who Bought Twitter In 2022?
Elon Musk reportedly paid $44 billion for Twitter.