I got up this morning to news that a deal was on the horizon. Now it’s official:
Twitter, Inc. (NYSE: TWTR) today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.
Under the terms of the agreement, Twitter stockholders will receive $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 price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.
Here’s why Musk is buying Twitter:
“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.”
We’ll see if that actually happens. I for one am skeptical that he’s capable of doing that as he quite the loose cannon who gets himself into trouble from time to time. But who knows? Maybe he’s smartened up? Or maybe Twitter is about to driven into the ground by Musk. We’re about to see which is going to happen.
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This entry was posted on April 25, 2022 at 3:08 pm and is filed under Commentary with tags Twitter. You can follow any responses to this entry through the RSS 2.0 feed.
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BREAKING: Elon Musk Buys Twitter For $44 Billion
I got up this morning to news that a deal was on the horizon. Now it’s official:
Twitter, Inc. (NYSE: TWTR) today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.
Under the terms of the agreement, Twitter stockholders will receive $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 price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.
Here’s why Musk is buying Twitter:
“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.”
We’ll see if that actually happens. I for one am skeptical that he’s capable of doing that as he quite the loose cannon who gets himself into trouble from time to time. But who knows? Maybe he’s smartened up? Or maybe Twitter is about to driven into the ground by Musk. We’re about to see which is going to happen.
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This entry was posted on April 25, 2022 at 3:08 pm and is filed under Commentary with tags Twitter. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.