Elon Musk Acquires Twitter, Deal Closes at $44 Billion in Cash
Twitter goes to Elon Musk for $44 billion in cash. The deal will be completed in 2022. Read further to know the whole matter.
On Tuesday, April 26, the Twitter board finally accepted Elon Musk's offer. The richest man in the world has offered the board to acquire the popular social media platform for $44 billion in cash. As per a press release, after the completion of the deal, the 16-year-old Twitter would become a private entity. Elon 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."
????????♥️ Yesss!!! ♥️???????? pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
The whole business deal
Elon Musk will acquire Twitter for $54.20 per share in cash which is approximately $44 billion in total. The board of directors of Twitter has unanimously approved the transaction. As per the reports, the deal is expected to be complete in 2022, subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals, and the satisfaction of the customary closing requirements.
As per a report by Financial Times, the board of directors of Twitter was in the process of discussing the new acquisition of the platform for a long time. As per the agreement, "Elon Musk will be providing an approximately $21 billion equity commitment."
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The proposal by Elon Musk
In the proposal to buy Twitter, Musk stated, "I am not playing the back-and-forth game. I have moved straight to the end... If the deal doesn't work, given that I don't have confidence in management nor do I believe I can drive the necessary change in the public market."
