Todd Spangler NY Digital EditorElon Musk is poised to become the new owner of Twitter, after a fast flurry of negotiations left the company’s board with no choice but to accept the multibillionaire’s $44 billion takeover proposal.Under the terms of the deal, 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 Musk, who is CEO of Tesla and SpaceX, disclosed his approximately 9% stake in Twitter.Upon completion of the transaction, Twitter will become a privately held company.Musk said in a statemnet, “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.” Bret Taylor, Twitter’s Independent Board Chair, said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing.
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