Twitter announced on Monday (25th) that its board of directors has accepted the acquisition of Tesla founder and CEO Elon Musk in a transaction valued at about $44 billion, equivalent to $54.2 per share.
The deal is expected to close this year and Twitter will become a private company.
“Freedom of speech is the cornerstone of how democracy works, and Twitter is a digital square where people discuss issues that are critical to the future of humanity,” Musk said in the acquisition statement. More transparency to increase trust, eliminate spam bots, and authenticate everyone makes Twitter better than ever. Twitter has huge potential — and I look forward to working with companies and users to unlock it.”
Twitter announced the closing news after trading was suspended, and it was suspended at $51.63, up 5.52%.
Bret Taylor, chairman of Twitter's independent board, said: "Twitter's board has undertaken a thoughtful and comprehensive process to evaluate Musk's proposal, with a particular focus on value, certainty and financing. The transaction will represent a significant cash premium, which we believe will be beneficial to Twitter shareholders. It's the best move."
"Reuters" quoted sources: Twitter plans to accept Musk's bid to open up more than 3% rumored that Twitter is reconsidering Musk's acquisition offer Musk reportedly "pays out of his own pocket" to buy Twitter for $15 billion or raise equity financing