Twitter has announced that it has signed a definitive agreement to be purchased by Elon Musk for USD 44 billion.
Elon Musk has agreed to buy Twitter for USD 54.20 per share in cash, or around USD 44 billion. Twitter will become a privately held firm after the acquisition is completed.
Twitter stockholders will get USD 54.20 in cash for each share of Twitter common stock they possess following completion of the proposed transaction, according to the terms of the deal. According to Twitter, the purchase price is a 38 percent premium to the stock’s closing price on April 1, 2022, the final trading day before Musk revealed his approximately 9 percent interest in the company.
“The Twitter Board went through a thorough and deliberative process to evaluate Elon Musk’s proposal, focusing on value, certainty, and finance.” Twitter’s Independent Board Chair, Bret Taylor, stated, “The proposed acquisition will generate a considerable cash premium, and we believe it is the best path ahead for Twitter’s stockholders.”
“Twitter serves a function and is relevant to the entire world.” “We are extremely proud of our people and motivated by work that has never been more crucial,” said Twitter CEO Parag Agrawal.
Mr. Musk stated, “Free speech is the backbone of a functional democracy, and Twitter is the digital town square where subjects essential to humanity’s future are argued.” “I also want to make Twitter better than it has ever been by adding new features, opening up the algorithms to increase trust, combating spam bots, and authenticating all humans.” Twitter has enormous potential, and I’m excited to work with the company and the Twitter community to realize it.”