Social Media Giant Twitter Accepts Elon Musk’s Offer To Acquire 100% Of The Company
Social Media Giant Twitter Accepts Elon Musk’s Offer To Acquire 100% Of The Company. Social Media Giant Twitter, Inc has announced that it has accepted the offer to be acquired by Billionaire businessman Elon Musk owned by Elon Musk, for approximately $44 billion. Once the transaction is concluded Twitter is set to become a privately held company.
Bret Taylor, Twitter’s Independent Board Chair said in a statement, “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.” Musk has managed to secure $25.5 billion of fully committed debt and margin loan financing and is providing an approximately $21.0 billion equity commitment.
Parag Agrawal, Twitter’s CEO said in a statement, “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.” “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,” said Mr. Musk. “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 is an American microblogging and social networking service on which users post and interact with messages known as “tweets”. Registered users can post, like, and retweet tweets, but unregistered users can only read those that are publicly available. Users interact with Twitter through browser or mobile frontend software, or programmatically via its APIs.
