After going back and forth for weeks, Elon Musk and Twitter have finally settled.
The billionaire has officially purchased the social media company for $44 billion.
The Great Twitter Exchange
In an official press release by Twitter, the tech giant has agreed to sell the entire company to Musk for $54.20 per share, which equates to approximately $44 billion. According to the press release, the completion of the transaction will officially make Twitter a privately held company.
As AfroTech previously reported, Musk declined to become a part of Twitter’s board. That move sparked a conversation about what was next for Musk and the large stake he already acquired. After learning that his next move was the buyout of the company, Twitter’s CEO and its board immediately began due diligence on what such an offer would mean for them.
“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.”
To The Future And Beyond
According to CNBC, Twitter’s stock was halted at the announcement of the sale. However, the stock was up by at least six percent once it resumed.
Based on the terms of the sale, current stockholders will receive $54.30 in cash for each share of Twitter that they own at the closing of the transaction. This purchase price represents a 38 percent premium to the closing stock price on April 1, 2022, CNBC reported.
Twitter's Future Is Now In Elon Musk's Hands
Musk has stuck to his guns regarding the need for free speech and his future work to ensure it prevails.
I hope that even my worst critics remain on Twitter because that is what free speech means
— Elon Musk (@elonmusk) April 25, 2022
“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 spambots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”