Tesla CEO Elon Musk acquires Twitter for around $44 billion

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American microblogging and social networking service, Twitter has recently accepted an acquisition offer from Elon Musk, Tesla’s CEO, for around $44 billion. As soon as the transaction completes, Twitter will become a private company.

This is an astonishing turn of events as the board of Twitter appeared to counter the efforts of Musk to buy the social media platform and even implemented a poison pill resistance earlier this month when Musk initially offered them to buy the outstanding shares at $54.20.

Though the things seem to be changed as Musk issued proof of funding last week, this weekend, there were reports that the board was considering the offer seriously.

Recently, the board declared that the offer from Musk had been accepted:

In an official statement, Twitter, Inc. said that it has entered into a agreement to be acquired by an entity completely owned by Elon Musk for $54.20 per share in cash in a transaction esteemed at approximately $44 billion.

While conforming to the acquisition, Musk commented that free speech is the foundation of the functioning democracy, and the platform is the digital town square in which the matters that are crucial to the future of humanity are discussed.

He also wises to make Twitter the best by augmenting the product with new features, making the procedures open source for building trust, defeating the spam bots, and verifying all humans.

Twitter has great potential, and Musk looks forward to working with the firm and the user community to unlock it.

As reported earlier, Musk has managed to protect $25.5 billion of fully committed debt and margin loan financing, most of which is supported by his stake in Tesla, and he will be providing additional equity of $21.0 billion.

Moreover, Musk will be bringing in partners for the equity part of the deal but will remain the major owner of Twitter.

Source Credit - https://electrek.co/2022/04/25/tesla-ceo-elon-musk-acquires-twitter-private/