OFFICIAL! Elon Musk now owns Twitter, reveals $44 million deal
Elon Musk owns Tesla, SpaceX, and now Twitter! After rumours of a deal floated last evening, Musk has made it official. The Tesla CEO will buy Twitter for $44 billion, with shares valued at $54.20. Musk also says that he will take the company private and bring changes to the platform to make it better than ever for debates and everything else. Musk later put out tweets too, highlighting his plans and some other related stuff.
“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,” said Elon Musk in a statement via his Twitter account.
The all cash deal is said to be completed by the end of the year. “Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter's closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter,” said Twitter in an official press release.
“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,
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