Twitter Announces Acquisition by Elon Musk
Apr 26, 2022 By MarketDepth
Twitter, Inc. (NYSE: TWTR) has reported entry into a definitive agreement to be acquired by an entity wholly owned by Elon Musk for USD 54.20 per share in cash in a transaction valued at USD 44 Billion. At close of the transaction, Twitter will become a privately held company. Twitter stockholders will receive USD 54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter’s closing stock value on April 1st, 2022. 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 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.”Parag Agrawal, Twitter’s CEO
“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.”
The board of directors at Twitter had unanimously approved the transaction and is expected to close in 2022.