Officially, Elon Musk’s bid to purchase Twitter for $54.20 per share has been accepted by Twitter.
Tesla’s board of directors has voted to accept Elon Musk’s “best and last” proposal to take the firm private. The complete facts of Elon Musk’s purchase of Twitter may be seen below.
When Elon Musk buys Twitter
However, it was later found out that Musk’s bid to purchase Twitter was accepted by Twitter’s board of directors.
To avert a hostile takeover, Twitter’s board of directors even created a “poison pill” policy. Further reports said that Twitter’s board of directors was examining the offer and that an announcement might come as early as Monday afternoon, according to the firm.
After months of speculation, Twitter announced that it had accepted Musk’s bid to buy the firm. With a value of $44 billion, the acquisition is priced at $54.20 per share. In other words, Twitter stockholders will get $54.20 for each share they own.
CEO Parag Agrawal remarked, “Twitter has a purpose and importance that affects the whole globe.” The job we do has never been more vital, and we are very proud of our people and motivated by it. “
“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,” said Mr. Musk. “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.”
As reported by Twitter, Musk has obtained $25.5 billion in fully committed debt and margin loan funding, as well as around $21.0 billion in equity commitments. The firm will be owned solely by its founders and employees after the purchase is completed.
As of this writing, the purchase has been accepted by the Twitter Board of Directors “unanimously.“
The CEO of Twitter, Parag Agrawal, 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.
“Thrive” is the word Musk has used to describe how he thinks Twitter should be taken private. According to the CEO of Tesla and SpaceX, Twitter “will neither grow nor fulfill this social need” if it continues to operate as it now does.
I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.
However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.