Billionaire Elon Musk buys Twitter

Billionaire Tesla CEO Elon Musk has made a $44 billion bid to buy Twitter, which the company’s board accepted.

What Musk plans to do with social media platform is currently unknown.

According to the terms of the deal, Musk will pay $54.20 per share in cash for 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.

Twitter acquired by Elon Musk

Elon Musk commented:

Elon Musk

Elon Musk
Source: Twitter

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.

Twitter’s board of directors unanimously approved the transaction which is expected to close by 2022. The deal is subject to the approval of Twitter stockholders and regulatory approvals.

Musk has provided $25.5 billion in debt and margin loan financing and has secured $21.0 billion in equity. The official announcement noted that this transaction is not subject to financing conditions.

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