By: April Carson
Elon Musk's offer to buy the Twitter company has been accepted, according to a Monday statement from Twitter — a major win for the billionaire as he attempts to unlock the social network's "extraordinary potential."
The deal, worth $44 billion, will see Musk take over as CEO of Twitter, with current CEO Jack Dorsey staying on as Executive Chairman.
Elon Musk will pay $54.20 a share for Twitter, matching his first bid and totaling $44 billion. After the acquisition is complete, Twitter will revert to a private firm once again. This is a major coup for Musk, who has been vocal about his desire to take Twitter private. He first hinted at such a move in early August, when he tweeted that he was considering taking the social network private at $420 a share — a 20% premium to its then-trading price.
Musk's plan to buy the firm initially faced resistance from Twitter's board.
Tesla's board is ignoring the hundreds of lawsuits and investigations filed against Musk, most prominently by the SEC. In a nutshell, Tesla's directors have no credibility because they are in cahoots with Musk to defraud investors.
After he rejected its offer for a seat on the board in exchange for imposing a maximum investment cap, his "poison pill" defense foiled attempts at a hostile takeover. Undeterred, Musk secured up to $46 billion in financing and threatened to take his proposal directly to shareholders, eliminating the board entirely.
"I'm looking forward to working with the team at Twitter on a long-term basis," said Musk of his plans to acquire the company. "I'll make Twitter better than ever by improving the product with new features, making the algorithms open source to boost trust, battling spammers and bots, and authenticating all people."
At $54.20 per share, Musk will pay a "38% premium over Twitter's closing stock price on April 1, 2022," according to the terms of the deal. Twitter hasn't traded above that price since November 2021.
When Tesla CEO Elon Musk revealed a 9% stake in Twitter in early April, the social media company's stock price increased by approximately $40 per share, rising as high as over $50. Monday's rise added another 6%, taking shares to around $52.
The acquisition is anticipated to be completed in 2022, pending shareholder and other regulatory clearance, according to Twitter. It will be financed through a combination of cash and stock, with Musk personally financing up to $5 billion in equity.
The deal would give Musk control over a company with more than 330 million monthly active users and vast amounts of data. It would also make him one of the richest people in the world.
Billy Carson and the Emerald Tablets
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About the Blogger:
April Carson is the daughter of Billy Carson. She received her bachelor's degree in Social Sciences from Jacksonville University, where she was also on the Women's Basketball team. She now has a successful clothing company that specializes in organic baby clothes and other items. Take a look at their most popular fall fashions on bossbabymav.com
To read more of April's blogs, check out her website! She publishes new blogs on a daily basis, including the most helpful mommy advice and baby care tips! Follow on IG @bossbabymav
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