Twitter has announced that it has entered into a definitive agreement to be acquired by Elon Musk for a total of USD 44 billion.
Twitter announced that Elon Musk is acquiring Twitter for USD 54.20 per share in cash or approximately USD 44 billion. Upon completion of the transaction, Twitter will become a privately held company.
Under the terms of agreement, Twitter stockholders will receive USD 54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. Twitter says that the purchase price represents a 38% premium to Twitter’s closing stock price on April 1, 2022, which was the last trading day before Musk disclosed his approximately 9% stake in Twitter.
“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.
“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,” said Parag Agrawal, Twitter’s CEO.
“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.”
Source: Yugatech
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