Elon Musk Inks Deal to Acquire Twitter for $44 Billion

Elon Musk - Twitter
Elon Musk - Twitter

Twitter Inc (NYSE: TWTR) will soon become a privately-owned company by billionaire entrepreneur Elon Musk, one of the social media platform’s most popular users with 83 million followers.

On Monday, the Board of Directors of Twitter announced its decision to accept Musk’s offer to acquire the company for approximately $44 billion. The parties already signed a definitive agreement.

Under the terms of the deal, Twitter shareholders will receive $54.20 in cash for every share of TWTR common stock. The acquisition price is 38% higher than Twitter’s closing stock price on April 1, 2022, the last trading day before Musk disclosed its approximately 9% stake in the social media company.

In a statement, Twitter’s Independent Board Chairman Bret Taylor said, “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

The social media company’s CEO Parag Agarwal added, “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.”