The board of social media company Twitter reached an agreement with the world’s richest man and Tesla founder Elon Musk on the 25th, agreeing to sell Twitter to Musk for $44 billion. Twitter shares rose 5.7% on the 25th to close at $51.7.
Twitter issued a statement on the 25th, stating that Musk will trade at $54.20 per share, 38% higher than the closing price on April 1 (the last trading day when Musk disclosed that he held 9% of Twitter’s shares), with a total value of about $440. buy Twitter for $100 million. After the deal closes, Twitter will become a private company.
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
Twitter said Musk had secured $25.5 billion in fully committed debt and margin loan financing and provided about $21 billion in equity commitments to close the deal. The deal was unanimously approved by the board and will close later this year.
Twitter’s independent board chairman, Bret Taylor, said in a statement that Twitter’s board considered Musk’s proposal thoughtfully and comprehensively, particularly in terms of M&A value, certainty and financing, and “the proposed transaction will bring With a substantial cash premium, we believe this is the best path forward for Twitter shareholders.”
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After the deal was reached, Musk also issued a statement saying, “Free speech is the cornerstone of the functioning of democracy, and Twitter is a digital forum where people can discuss matters that are critical to the future of humanity. Twitter has enormous potential. , I look forward to releasing it with the company and with users.”
