Twitter has been finally acquired by Elon Musk. The social media confirmed the news by sharing that an entity owned by Elon Musk offered $54.20 per share in cash to acquire Twitter. Musk has bought Twitter for around $44 billion. With this, Twitter will now be a a privately held company.
“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders,” said Bret Taylor, Twitter’s Independent Board Chair.
Talking the price per share, the stockholders will get $54.20 in cash for each of the share which is a 38% premium to Twitter’s closing stock price on April 1, 2022.
“Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important. Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” said Mr. Musk. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it,” said Parag Agrawal, CEO, Twitter.
Musk has secured $25.5 billion of fully committed debt and margin loan financing and is providing an approximately $21.0 billion equity commitment. Meanwhile, Twitter plans to release its first quarter fiscal year 2022 results before the market open on April 28, 2022.
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