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Elon Musk will be taking over Twitter soon as he has officially reached a deal for the sale. The Tesla and SpaceX chief made the social media platform warm up to him by offering $44 billion and securing financing for it.
Initially, many of the Twitter executives were against the idea of Musk acquiring their company, and in fact, there were people who slammed his 9.2% stake acquisition earlier this month. Some said the 50-year-old billionaire was able to acquire this many shares by purposely reporting his purchase late.
Musk then offered to buy the remaining stake for a complete takeover. He dropped a $43 billion offer, but it still did not get a good reaction from the Twitter board. Elon then announced he has already secured funding last week, and this has changed everything as the social media platform appeared to have finally warmed up to the idea of the sale.
CNBC reported that Twitter has taken another look at Musk’s deal offer and its board held a meeting on Sunday to discuss the billionaire’s financing plan for his proposed bid. Now it was announced on Monday, April 25, that the company finally agreed to sell itself to the richest man in the world after reaching a $44 billion deal with Musk.
This acquisition will expand Musk’s business empire and may also mark a new era for Twitter as its new owner vowed to make changes. "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," he said in a statement on Monday.
He added that "Twitter has tremendous potential,” and he is looking forward to working with the company and community of users to unlock these possibilities. Elon Musk will also be taking the company private, and under the terms of the agreement, the shareholders will be receiving $54.20 per share of Twitter stock they own, in cash, as per CNN Business.
The deal has been unanimously approved by Twitter's board, and the acquisition process is expected to close this year. Bret Taylor, Twitter’s independent board chairman, called the deal “the best path” for the company’s stockholders. He added that "The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing."
