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In a stunning turn of events, Twitter accepts to be acquired by Tesla CEO Elon Musk. The deal will see shareholders receive $54.20 per share, and when the transaction is finalized, Twitter will become a privately held company. This follows a tumultuous few weeks during which Musk became the company’s largest shareholder and rebuffed the board’s efforts to recruit him as a member.
Official Announcement from Twitter:
“Twitter, Inc. (NYSE: TWTR) today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.
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 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.”
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Elon Musk, who has an impressive list of companies that includes Tesla (TSLA), SpaceX, The Boring Company, and Neuralink, just added Twitter to his long list. Elon Musk is a prolific Twitter user; he frequently posts news about his organizations as well as his own stream of consciousness tweets. He also uses the platform to quarrel with politicians and critics; in fact, he’s one of its most active users.
What did Twitter CEO Tweet about this?
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.”
Elon Musk Tweet after the Twitter deal
This story is ongoing and will be updated more often here