Twitter agrees to go private; Musk to buy the company for $44 billion

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Twitter today agreed to q be bought out by Elon Musk for $44 billion or $54.20 a share in cash. Musk, in a statement, reiterated his support for free speech and mentioned some of the changes that he wants to bring to the site. “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.”

“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,” the multi-billionaire said.

Twitter agrees to be purchased by Elon Mudk for $54.20 per share in cash

The richest man in the world with a net worth estimated at approximately $270 billion, Musk had bid $43 billion to buy Twitter and the company decided to fight by having the board issue a poison pill that would have gone into effect once someone purchased 15% of Twitter. Seeking to dilute Musk’s holdings, the poison pill would have allowed the company to sell shares to stockholders at a discount price. Musk owned 9.2% of Twitter’s shares when he first publicly announced his bid.

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.”

Twitter’s stock price closed on Monday at $51.70, up $2.77 or 5.66%. Each Twitter stockholder will receive $54.20 in cash as Twitter becomes a private company. Twitter CEO Parag Agarwal stated today, “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.”

The transaction is expected to close sometime this year and stockholders will get to vote on the deal. To finance the purchase of Twitter, Musk arranged $25.5 billion in debt and margin loan financing. He is adding $21 billion in equity financing.

Over the years Twitter has been available over several different mobile platforms including iOS, iPadOS Android, Windows 10, Windows Phone, BlackBerry, and Nokia S40.

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