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Elon Musk buys Twitter for $44bn

Twitter has accepted South African-born billionaire Elon Musk’s offer to buy the social media platform for $54.20 per share.

Twitter has agreed to be acquired by a private 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 on closing of the proposed transaction. The purchase price represents a 38% premium on Twitter’s closing stock price on 1 April 2022, which was the last trading day before Musk disclosed his approximately 9% stake in Twitter.

In a press statement, 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.”

Parag Agrawal, Twitter’s CEO, said: “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.”

Said Musk: “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. 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.”

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