Twitter’s board accepted Elon Musk’s offer to acquire the social media company. With the acquisition, the company will become private. Twitter stated that according to the agreement, the company will 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.
I hope that even my worst critics remain on Twitter, because that is what free speech means
— Elon Musk (@elonmusk) April 25, 2022
$54.20 per share
Social media giant’s stock holders will receive $54.20 in cash for each share of the company’s common stock that they own. The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, 2022. Bret Taylor, Twitter’s Independent Board Chair, said
« The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders. »
The transaction, unanimously approved by the board of directors, is expected to close in 2022, subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals and the satisfaction of other customary closing conditions. Elon Musk said,
« 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. »