The confirmation comes from Twitter’s board chairman, who said the transaction will be completed this year after receiving all the regulatory and shareholders’ approval. Twitter’s share price has spiked 5% on Monday trading hours.
Elon Musk Is Buying Twitter
The hype around Elon Musk buying Twitter comes to end with the confirmation today, that it’s finally getting sold at what Musk offered earlier! On late Monday, Twitter’s independent board chair, Bret Taylor said Both Elon Musk and Twitter have entered a definitive agreement, where they accept getting acquired wholly by a firm run by Elon Musk. This is by paying $54.20 to every shareholder of Twitter by the closing time of this transaction.
— Parag Agrawal (@paraga) April 25, 2022 This price is a 38% premium to Twitter’s closing stock price on April 1, 2022, the day when Elon Musk disclosed his 9% stake acquisition in Twitter. This values Twitter at near $44 billion, considering all the common stock out there. He even rejected an offer to join the board to acquire the whole company one day. Post-transaction, Twitter will be a private company once again. And with this status, Elon Musk is aiming to; Though the board has unanimously approved Musk’s offer, this deal is subject to go through the approvals of Twitter stockholders and concerned regulators, which is expected to be done this year.
