Twitter has finally been acquired by Elon Musk. Social media confirmed the news, saying that an Elon Musk-owned entity offered $54.20 in cash per share to acquire Twitter. Musk bought Twitter for about $44 billion. With this, Twitter will now become a private company.
“The Twitter Board conducted a thoughtful and comprehensive process of assessing Elon’s proposal with a deliberate focus on value, certainty and financing. The proposed transaction would result in a substantial cash premium, and we believe it would be beneficial for Twitter.” The best path forward for shareholders,” said Brett Taylor, chairman of Twitter’s independent board.
Speaking of the price per share, shareholders will receive $54.20 in cash for each share, which is a 38% premium to Twitter’s closing stock price as of April 1, 2022.
“Twitter has a purpose and relevance that impacts the entire world. Our teams are deeply proud of and inspired by work that has never been more important. Free speech is the cornerstone of a functioning democracy, and Twitter is the digital town square where matters important to the future of humanity are debated,” Mr. Musk said. “I want to make Twitter better than ever by enhancing the product with new features, making algorithms open source to increase trust, beat spam bots and authenticate all humans. Twitter has tremendous potential – I want to unlock it. I look forward to working with the company and its community of users,” said Twitter CEO Parag Agarwal.
Musk has secured $25.5 billion of fully committed debt and margin debt financing and is providing an equity commitment of approximately $21.0 billion. Meanwhile, Twitter plans to release its first quarter fiscal year 2022 results before the market opens on April 28, 2022.
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