Elon Musk Buying Twitter for $44 Billion

<p><span class&equals;"legendSpanClass"><span class&equals;"xn-location"><strong>SAN FRANCISCO<&sol;strong> &&num;8212&semi; Tw<&sol;span><&sol;span>itter&comma; Inc&period; has agreed to be acquired by an entity wholly owned by <span class&equals;"xn-person">Elon Musk<&sol;span>&comma; for <span class&equals;"xn-money">&dollar;54&period;20<&sol;span> per share in cash in a transaction valued at <span class&equals;"xn-money">&dollar;44 billion<&sol;span>&period; Upon completion of the transaction&comma; Twitter will become a privately held company&period;<&sol;p>&NewLine;<p>Musk was already one of the largest shareholders in the social network and is the world&&num;8217&semi;s richest man at &dollar;266 billion according to Forbes&period; He is also the CEO of Tesla and SpaceX&period;<&sol;p>&NewLine;<p>Under the terms of the agreement&comma; Twitter stockholders will receive <span class&equals;"xn-money">&dollar;54&period;20<&sol;span> in cash for each share of Twitter common stock that they own upon closing of the proposed transaction&period; The purchase price represents a 38&percnt; premium to Twitter&&num;8217&semi;s closing stock price on <span class&equals;"xn-chron">April 1&comma; 2022<&sol;span>&comma; which was the last trading day before Mr&period; Musk disclosed his approximately 9&percnt; stake in Twitter&period;<&sol;p>&NewLine;<p><span class&equals;"xn-person">Bret Taylor<&sol;span>&comma; Twitter&&num;8217&semi;s Independent Board Chair&comma; said&comma; &&num;8220&semi;The Twitter Board conducted a thoughtful and comprehensive process to assess Elon&&num;8217&semi;s proposal with a deliberate focus on value&comma; certainty&comma; and financing&period; The proposed transaction will deliver a substantial cash premium&comma; and we believe it is the best path forward for Twitter&&num;8217&semi;s stockholders&period;&&num;8221&semi;<&sol;p>&NewLine;<p><span class&equals;"xn-person">Parag Agrawal<&sol;span>&comma; Twitter&&num;8217&semi;s CEO&comma; said&comma; &&num;8220&semi;Twitter has a purpose and relevance that impacts the entire world&period; Deeply proud of our teams and inspired by the work that has never been more important&period;&&num;8221&semi;<&sol;p>&NewLine;<p>&&num;8220&semi;Free speech is the bedrock of a functioning democracy&comma; and Twitter is the digital town square where matters vital to the future of humanity are debated&comma;&&num;8221&semi; said Mr&period; Musk&period; &&num;8220&semi;I also want to make Twitter better than ever by enhancing the product with new features&comma; making the algorithms open source to increase trust&comma; defeating the spam bots&comma; and authenticating all humans&period; Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it&period;&&num;8221&semi;<&sol;p>&NewLine;<p>Musk has secured <span class&equals;"xn-money">&dollar;25&period;5 billion<&sol;span> of fully committed debt and margin loan financing and is providing an approximately <span class&equals;"xn-money">&dollar;21&period;0 billion<&sol;span> equity commitment&period; There are no financing conditions to the closing of the transaction&period;<&sol;p>&NewLine;