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Official: Elon Musk is buying Twitter for $44 billion

26 April 2022 0

It is finally official. Elon Musk is acquiring the popular social media platform Twitter for a whopping $44 billion. The announcement was made by the company through a press release. It reveals that Musk will be paying $54.20 per share in cash to complete the transaction, the same as his original offer from the last week.

Some of the reports have suggested that the Twitter board was initially reluctant to accept the offer. They even thought about implementing the "poison pill" strategy to block the takeover proposal. It is unknown exactly what made the board change its position on the matter. Nevertheless, the deal means that Twitter's run as a public company will come to an end and it will become a privately owned company.

The funding details of the deal reveal that $25.5 billion are included as part of loans and the remaining $21 billion are part of the personal equity. It is further added that there are no financing conditions to the closing of the transaction.

Musk said:

"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."

Even though Musk is talking about bringing positive changes to Twitter and taking it to the next level, there are speculations surrounding the future of the platform. It is reported that even the company's employees have divided opinions on the whole deal and what it means going forward.

Parag Agarwal, CEO of Twitter 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."


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Official: Elon Musk is buying Twitter for $44 billion
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