BREAKING: Elon Musk reaches $44 billion deal to buy Twitter
against Musk’s unsolicited offer, Twitter’s board began seriously considering the proposal after Musk was able to obtain commitments for $46.5 billion in financing that included backing from Morgan Stanley and other institutions as well as $21 billion of his own equity. In addition to controlling Tesla Inc., Musk was already Twitter’s largest individual shareholder.Now, the world’s richest man is set to take Twitter private.
Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction, as was outlined in his initial bid. The company will become privately held as soon as the transaction is complete.How Twitter will ultimately transform under Musk’s leadership remains unclear. But the billionaire Tesla CEO has made some of his overarching intentions for the company apparent.
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