Twitter accepted Elon Musk’s $44 billion purchase offer. This figure, of course, makes it one of the largest technology acquisitions in history.
“Twitter 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.” — the company confirmed via a statement. Obviously, once the entire acquisition process is over, Twitter will become a private company.
The announcement by Tesla’s CEO of new funds to continue with the purchase may have changed the cards on the agreement between Musk and the Twitter board of directors. In this case, in fact, Elon Musk will use $25.5 billion in loans and $21 billion of his personal assets.
Musk had already taken over 9.2 percent of Twitter shares at the beginning of April 2022 and wanted to join the board of directors and influence its entrepreneurial course. That plan was abandoned, though it’s not yet clear if Musk turned down the board post. Shortly thereafter, Musk made his purchase offer public. Last week, Twitter’s board of directors tried to prevent a takeover by the richest man in the world. Later heard the news that Twitter is considering Musk’s buy out offer.
For his part, Parag Agrawal, current CEO of the platform, expressed the following:
Of course, Elon Musk, who will now have full control over Twitter’s future, had a few words to refer to his latest outlay. As expected, Musk again gave importance to the issue of “freedom of expression” and promised that the platform would receive new features. In addition, he reaffirmed his commitment to open-source algorithms for the social network: