Elon Musk Is Officially Buying Twitter For $44 Billion
[UPDATE] It is now official. Twitter is selling to Elon Musk.
Twitter said in a press release that it has entered into a «definitive agreement» to sell to Musk for $54.20 per share, which values the deal at around $44 billion. «Upon completion of the transaction, Twitter will become a privately held company,» the company said.
Twitter's independent board chair Bret Taylor said, «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.»
Indeed, Twitter is getting a massive premium in this deal. Musk is paying a 38% premium on Twitter's stock price as of April 1, 2022, which was the final day of trading before Musk revealed his 9% stake in the company.
Twitter CEO Parag Agrawal added, «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.»
As for Musk, he said in the news release that free speech «is the bedrock of a functioning democracy,» adding that 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,» Musk said. «Twitter has tremendous potential--I look forward to working with the company and the community of users to unlock it.»
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Billionaire Elon Musk, owner of SpaceX and Tesla, could become Twitter's new owner according to
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