After a non-binding proposal, some dismay on part of the Twitter board, and then some reconsideration, Elon Musk has finally bought Twitter for $44 billion, something that he deems his “best and final offer.” The deal is valued at $54.20 per share, an amount that was proposed by Musk as his initial offer. Here are the details to know.
Musk Now Owns Twitter!
The deal to buy Twitter is an all-cash one for Musk and once the transaction will be fully complete, it will become a private company. It is said that this offer was “unanimously” accepted by Twitter’s board of directors and is expected to close this year.
As part of the deal, Elon Musk has secured $25.5 billion of fully committed debt and margin loan financing and has provided around $21.0 billion in equity commitment.
Technical details apart, Musk took to Twitter to express his utmost glee and talk about how his acquisition of the microblogging site emphasizes free speech and what measures it will take to make Twitter better. Expect new product features, open-source algorithms, getting rid of spam bots, and more. Here’s a look at his tweet.
Free speech is something Elon Musk even pointed out in his offer filing saying, “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form.“
Just to remind you, before the whole deal, Elon Musk had secured the position of the largest shareholder of Twitter with a 9.2% share. Musk further suggests that he intends to keep Twitter open for all, even his”worst critics” to which, the former US President Donald Trump has made it clear that he won’t be returning to Twitter even if his account is reinstated.
The new Twitter CEO, Parag Agarwal says, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.“
While everyone seems to be in harmony post Musk’s Twitter buyout, it remains to be seen how this popular social media platform is affected with Musk now taking charge of a lot of things. Questions related to the future of Twitter employees, the condition of Twitter, and more still remain hanging in the air and only time will tell how everything pans out.
Although, many are not quite happy with this and a “#leavingtwitter” campaign is already live on Twitter. So, what do you think about Elon Musk owning Twitter? Do you think things will go haywire? Let us know your thoughts in the comments below.
