Mr Musk will take Twitter private, and Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction.Twitter has agreed a definitive deal to sell itself to Elon Musk, the world’s richest man, at approximately $44 billion.
Mr Musk made an unsolicited bid for the giant social media company, offering to buy its shares for $54.20 a unit — reasonably higher than the $40 plus it has been selling. In a statement Monday evening, Mr Musk announced that Twitter Inc. had entered into a definitive agreement to be acquired by an entity wholly owned by Mr 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.stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction.
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.”“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.
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