Elon Musk acquired Twitter!
Earlier this month, Elon Musk announced that he made an offer to buy Twitter for approximately USD 44 billion. Today, Twitter has accepted Elon Musk’s offer and made him the owner of one of the social media giants.
Musk paid $54.20 per share, the same amount he stated in his original offer on April 14th. The acquisition price is a 38% premium to Twitter’s closing stock price on April 1, 2022. This is when the final trading day before Mr. Musk announced his approximately 9% interest in the 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.
Parag Agrawal, Twitter’s CEO, said, “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 Elon Musk.
Musk also said that he wants to make Twitter better by enhancing the product with new features. He also wants to make its algorithm open source to increase trust, defeat spam bots, and authenticate all humans.
Moreover, Musk has secured $25.5 billion in fully committed debt and margin loan funding, and an equity commitment of around $21.0 billion. The transaction’s closure is not subject to any financing requirements.