The Twitter Board of Directors unanimously! Musk buys Twitter for $43 billion
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.”