We’ve learned Twitter accepted full buyout, making our billionaire spaceman son Elon Musk the sole owner of the social media company.
News that Twitter accepted full buyout means Elon’s offer to buy the company at a premium $54.20 per share will be completed, an estimated transaction of $44 billion. Upon completion, Twitter will become a privately held company with Musk as the sole owner.
Terms for the agreement where Twitter accepted full buyout will see Twitter stockholders receive $54.20 in cash for each share of common stock upon closing, a reportedy 38% premium to their closing stock price on April 1st, which was the last trading day before Elon disclosed he took on a 9% stake in the company.
Bret Taylor, Twitter’s Independent Board Chair, said, “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.”
Parag Agrawal, Twitter’s CEO, 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.”
“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.”
Perhaps now that Twitter accepted full buyout and will become a private company again, we’ll get more worthwhile features like the long-coveted edit button, versus the seemingly randomly added downvote button – which I still have yet to see on my end.
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