Elon Musk acquires Twitter! The billionaire, has taken ownership of Twitter in one of the biggest tech deals in history. Musk will pay around $44 billion for the social network, with shares valued at $54.20. On April 14, Musk announced his takeover attempt, calling it his ‘best and last offer.’
After the sale is completed, Twitter will become a privately held firm, according to the company.
In a post, Twitter CEO Parag Agrawal remarked, “Twitter has a purpose and significance that influences the entire world.” “We are extremely proud of our teams and inspired by the job that has never been more critical,” Agrawal added.
At first, Twitter’s board enacted a poison pill anti-takeover strategy that might have made a takeover attempt prohibitively expensive. However, once Musk detailed the financial commitments he’d made to back his $46.5 billion offer — and no other bids surfaced — the board began talks with him.
How Elon Musk acquired Twitter?
The arrangement with Musk prioritises “operational continuity” until the acquisition closes, according to Bret Taylor, the chair of Twitter’s board of directors.
“I believe we are quite confident that (the deal) will enable this team to continue to make the firm successful in the interim between signing and closing the transaction,” Taylor said.
The deal disclosed just four days after Musk announced a funding package to help fund the acquisition. As a result, the board of directors at Twitter began to take the acquisition more seriously, and many shareholders pushed the firm not to miss out on the opportunity.
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With a 9.1 per cent interest in the social media company, Musk is the second-largest stakeholder. Elon Musk was earlier offered to join Twitter’s board of directors, but he turned it down. Instead Elon Musk acquires Twitter and created a history!
Following Musk’s meeting with many of Twitter’s stockholders on Friday, also the firm may make a 180-degree turn.
Moreover, Elon Musk, the CEO of Tesla, said on Thursday that he has secured $46.5 billion in funding for the transaction.
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