Wednesday , September 28 2022
Twitter Accepts Elon Musk' Takeover

Twitter Accepts Elon Musk’ Takeover

…Values at $44 billion

Twitter has announced that it has accepted Elon Musk’s offer to acquire the publicly traded company at $54.20/share, valuing the social media platform at $44 billion.

Moments after the news broke that Twitter trading was halted, the company issued a press release confirming that it was accepting Musk’s offer to take the social network private.

The sale was a dramatic shift for the board, which had originally maneuvered to block Elon Musk from taking the social media network private.

“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” Twitter’s Independent Board Chair Bret Taylor said of the deal. “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

In the press release, Elon Musk repeated his refrain that “free speech” is key to Twitter’s future, though most of his ideas for how to optimize the social network, including adding new products, fighting spam and opening up its algorithms, are things the company was already in the process of doingg prior to his dramatic intervention.

Click Here To Read: Elon Musk Offers to Buy Twitter for $43 Billion

“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,” Musk said.

“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.”

Musk had taken a major stake in the firm earlier this month before lining up last week some $46.5 billion in financing to push forward with the purchase.

About Bukola Olanrewaju

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