Micro blogging platform, Twitter has today, April 25, 2022 announced that it has entered into an agreement to be acquired by Billionaire Elon Musk, for $5420 per share in cash in a transaction which will be valued at around $44 billion.
In the terms of the agreement, Twitter will upon the completion of the transaction, become a privately held company, with the stockholders of the company receiving $5420 in cash for each share of Twitter common stock that they own upon dosing of the proposed transaction.
In the words of Bret Taylor, Twitters Independent Board Chair:
‘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”, Taylor said.
Parag Agrawal, Twitters CEO, said, ‘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.’
“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 MIA defeating the spam bots, and authenticating all humans Twitter has tremendous potential – I look forward to working with the many and the community of users to unlock it’
It will be recalled that Musk, the wealthiest man in the world according to Forbes few weeks ago bought a 9.2 percent in the Jack Dorsey founded company, effectively making him the largest shareholder of the social media company.