It’s official now, Elon Musk buys Twitter. The platform announced that it has accepted Elon Musk’s offer to buy the company for $44 billion in a press release today. Musk purchased the firm for $54.20 per share, which was also the price mentioned in his initial offer made on April 14th.
Elon Musk buys Twitter for $44 billion
“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 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.”
After Elon Musk buys Twitter, CEO Parag Agrawal also made a statement:
“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.”
Elon Musk detailed his plan for funding the acquisition in an SEC filing on Thursday, which involves $25.5 billion in loans and $21 billion in personal equity. Analysts estimate that Twitter’s borrowing could cost it as much as $1 billion a year in servicing fees, or about 20% of its annual revenue.
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 board activated “poison pill” plan after Elon Musk’s $43M offer to buy the platform. By making additional shares available, poison pills make it more difficult for a prospective buyer to acquire a majority of a company’s stock. Then we’ve learned that Elon Musk Twitter offer worries privacy experts. Even some rumors suggested before that Elon Musk might end up creating a new social media platform.
Yes, Elon Musk buys Twitter and he could have a significant influence on the platform, but it’s unclear where he’ll begin. When Elon Musk revealed his 9.2 percent stake in the company, he polled Twitter users about the creation of an “edit” button that Twitter was already developing. He later proposed eliminating advertisements from Twitter Blue, lowering its subscription price, and adding Dogecoin as a payment option.
On April 14th, Musk announced his offer to buy Twitter for $54.20 per share. The bid followed Musk’s announcement that he had taken a 9.2 percent stake in the company, making him its largest single owner at the time. Musk was once offered a seat on Twitter’s board of directors but the agreement fell apart soon after because a seat on the board would have prevented him from buying more than a 14.9 percent interest in Twitter.
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