Monday, March 4, 2024

Tesla CEO Elon Musk To Acquire Twitter For $44 Billion

Musk and Twitter have agreed to a deal at $54.20 per share.

Following weeks of back-and-forth between Twitter and Tesla CEO Elon Musk, it’s almost official: Elon Musk will own Twitter dot com, barring any delays. Musk and Twitter have “entered into a formal deal” that would give him ownership of the social media app and transform it into a privately owned firm, with a final bid of $44 billion at a cost of $54.20 per share.

“Twitter’s Independent Board Chair, Bret Taylor, said in a statement that the board “conducted a rigorous and comprehensive process to analyse Elon’s bid with a deliberate focus on value, certainty, and finance.” “We think the proposed deal would provide a significant cash premium to Twitter’s investors, and we believe it is the best way ahead for Twitter’s stockholders.”.

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According to various sources, Elon Musk intended to buy Twitter on April 13 for $54.20 per share after announcing the purchase of a 9.2 percent interest in the firm. The agreement fell apart when the business granted Musk a seat on the board, with headlines claiming that the sale of Twitter to Musk had completely fallen through. However, after more than ten days, the two parties had reached an agreement.

It’s unclear exactly what Musk has planned for the site, but the Tesla CEO has been vocal on his personal Twitter account – which has a following of more than 83 million – about potential changes to the app. An “edit” button appears to be a high priority, as well as implementing changes to Twitter Blue, and accepting forms of Cryptocurrency as payment.

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Musk, in his most recent tweet ahead of the official announcement, says: “I hope that even more worst critics remain on Twitter, because that is what free speech means”.

Source: Twitter Inc.

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