Twitter accepts Elon Musk’s buyout deal

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Credit: Salon

Twitter announced this afternoon that the company accepted Elon Musk’s $44 billion deal to buy the company and take it private.

As per the company’s release, the Board unanimously approved the purchase.

The deal is subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals and the satisfaction of other closing conditions.

Twitter stockholders will receive $54.20 per share in cash for each share of Twitter’s common stock they own. That is roughly a 38 per cent premium based on Twitter’s closing price back on April 1.

Elon Musk had this to say about his purchase.

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. 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.

While Twitter CEO Parag Agrawal commented:

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. 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.

This ends one of the more public deals that Elon Musk has participated in the recent past.

Many experts agree that taking Twitter private was a better option for the company.

However, not many thought it would be Elon Musk leading the charge.

About Scott Nordlund 951 Articles
Originally from the West Coast, Scott is an avid writer & EV enthusiast now living in Ottawa. He holds a MA in Political Science and once played professional football in the German Football League. Email scott@driveteslacanada.ca