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| Hannibal Hanschke/Pool Photo via AP, File |
Twitter said Monday it agreed to billionaire Elon Musk’s offer to acquire the social media company for an estimated $44 billion, in a deal that would turn control over to the world’s richest man, who has called for fewer restrictions on digital speech.
Twitter Board Chair Bret Taylor said the sale represented the best path forward for the company, and tech tycoon Mr. Musk said he looked forward to unlocking the company’s full potential.
The deal, one of the largest leveraged buyouts in U.S. history, needs the approval of regulators and stockholders.
“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,” Mr. Musk said in a statement. “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.”
Trading in shares of Twitter was halted ahead of the company’s announcement, according to CNBC, but its stock price rose more than 5% to $51.70 during trading Monday amid rumors that a sale was imminent. --->READ MORE HERE
With earnings right around the corner, and having seen the shares rally all day on leak after leak, Twitter shares were halted 'news pending' before new hit that billionaire Tesla CEO Elon Musk reaches deal to acquire Twitter for approximately $44B.
Full Press Release:
Twitter, Inc. 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. Upon completion of the transaction, Twitter will become a privately held company.
Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter's closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.
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."
Parag Agrawal, Twitter's CEO, 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."
"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."
Transaction Terms and Financing --->READ MORE HEREFollow links below to relevant/related stories:
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