Guwahati: Tesla Chief Elon Musk owns Twitter for USD 44 billion and on Monday the Twitter confirmed the sale of the company.
As per the reports of CNN, stockholders will receive USD 54.20 in cash for each share of Twitter stock they possess, matching Musk’s initial offer and representing a 38% premium over the stock price the day before Musk announced his investment in the firm.
It goes on to say that the deal comes at the end of a frenetic news cycle in which the Tesla SpaceX CEO became one of Twitter’s largest shareholders, was offered and turned down a seat on the board, and made a bid to buy the firm – all in less than a month.
In a statement, Musk added, “Free speech is the core of a functional democracy, and Twitter is the digital town square where subjects crucial to humanity’s future are debated.”
He added “I also want to make Twitter better than it has ever been by adding new features, opening up the algorithms to increase trust, combating spam bots, and authenticating all humans.” “Twitter has huge potential, and I’m excited to work with the company and the Twitter community to realise it.”
The agreement comes after Musk stated last week that he had secured USD 46.5 billion in financing to buy Twitter, an apparent turning point that prompted Twitter’s board of directors to seriously examine the acquisition. The board met on Sunday to consider Musk’s proposal.
Twitter CEO Parag Agrawal in a statement said “Twitter serves a function and is relevant to the entire world.” We are extremely proud of our teams and motivated by work that has never been more critical.”