International news sites reported that Elon Musk, founder of Tesla, had officially accepted Twitter’s $44 billion acquisition deal.
Shortly after the announcement that Twitter trade had been ceased, the social media behemoth issued a press release indicating that it had accepted Musk’s offer to take the social network private.
Elon’s proposal was evaluated by the Twitter Board in a rigorous and thorough manner, with a deliberate focus on value, certainty, and funding.
According to Twitter’s Independent Board Chair Bret Taylor, “the proposed acquisition will generate a considerable cash premium, and we believe it is the best path ahead for Twitter’s stockholders.”
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
According to the press announcement, the cash acquisition for $54.20 per share is worth approximately $44 billion. Twitter will become a private corporation once the transaction is completed. The announcement puts an end to a saga that began when Musk hinted at a large investment in the company. Soon after, Twitter declared that Tesla CEO Elon Musk would join the board of directors, only for Musk to retract his statement a few days later.
Later, he made his “best and last” offer to buy Twitter for $54.20 per share, valuing the company at about $43 billion.
I hope that even my worst critics remain on Twitter, because that is what free speech means
— Elon Musk (@elonmusk) April 25, 2022
Musk added in a statement contained in Twitter’s press release, “Free speech is the backbone of a functional democracy, and Twitter is the digital town square where important issues affecting humanity’s future are debated.” I also want to make Twitter better than it has ever been by adding new features, opening up the algorithms to increase trust, combating spam bots, and authenticating all humans. Twitter has enormous potential, and I’m excited to work with the company and the Twitter community to realise it.
