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Wednesday , February 8 2023

Elon Musk reaches acquisition deal with Twitter

This post has been read 15051 times!

WASHINGTON, April 25: Twitter, Inc. (NYSE: TWTR) on Monday announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for USD 54.20 per share in cash in a transaction valued at approximately USD 44 billion. Upon completion of the transaction, Twitter will become a privately held company, said Twitter Board Chair Bret Taylor said in a press release.

“Twitter Board has conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” Taylor noted. “The transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders,” he added. Under the terms of today’s agreement, Twitter stockholders will receive USD 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 percent premium to Twitter’s closing stock price on April 1, 2022, which was the last trading day before Musk disclosed his approximately nine percent 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.” On his part, Musk pledged that, “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,” he added. (KUNA)

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