Elon Musk Buys Twitter for $44 Billion ($61 Billion AUD)
Elon Musk's recent offer to buy social media network Twitter has been accepted, with the announcement from Twitter confirming Musk will acquire the platform which is valued at approximately $44 billion USD ($61 billion AUD).
In a press release provided by Twitter, it's mentioned Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the transaction. Twitter's Independent Board Chair, Bret Taylor said he believed the decision was the best path forward saying:
"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."
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. https://t.co/5iNTtJoEHf— Parag Agrawal (@paraga) April 25, 2022
Twitter's CEO, Parag Agrawal said about the business:
"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."
Musk also shared that he wants to make the social media network 'better than ever' by enhancing it with new features, saying:
"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."
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6— Elon Musk (@elonmusk) April 25, 2022
"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."
The final transaction has been approved by the Twitter Board of Directors and is expected to close this year in 2022, pending approval of Twitter stockholders and confirmation of regulatory approvals and other closing conditions.
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