Businessman Elon Musk will officially purchase social media giant Twitter for $44 billion and take the company private, a move he says will advance the cause of Free Speech around the world.
Read the full press release below:
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.
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. The proposed transaction will deliver a substantial cash premium, and we believe it
is the best path forward for Twitter’s stockholders.”