Elon musk Twitter (1)

Elon Musk to Acquire Twitter; deal finalize for $44 billion

1 year ago

On Monday, the world’s richest person, Elon Musk finally closed the deal to buy Twitter for $44 billion. Now the control of the social media platform populated by millions of users and global leaders is under the hands of Elon Musk.

Discussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer.

With the finalization of the deal, Twitter has now become a private company from a public company since its 2013 initial public offering.

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.

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,” Musk said in a statement, adding, “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.”, tweets Elon Musk.

Seema Jain

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