Twitter accepts to sell itself to Elon Musk for $ 44 billion
In an unexpected move, Twitter has just released a press release saying it has approved to sell itself to billionaire Elon Musk for $ 44 billion – the same price in the initial offer made by Mr. Musk on May 14. Private.
Twitter’s Independent Board Chairman Bret Taylor said in the statement:The Twitter board implemented a thoughtful and comprehensive process to evaluate Mr. Musk’s proposal with a focus on value, certainty and financing. This transaction will bring in a significant amount of cash and we believe it is the best direction for Twitter shareholders..”
In his statement, Mr Musk repeated his previous argument about the deal:Free speech is the foundation for democracy and Twitter is the digital square where important issues for the future of humanity are discussed. I also want Twitter to be better than ever by improving the product with new features, open source algorithms to increase trust, beat spam bots, and authenticate users..”
Previously, in a filing with the SEC last Thursday, Mr. Musk detailed how he planned to raise more than $ 45 billion to buy back the social network Twitter, including a $25.5 billion in loan and the remaining $21 billion from his personal assets. Analysts believe the loan will cost Twitter $1 billion a year in interest, or 20% of the company’s annual revenue.
It is not clear how Mr Musk will change Twitter or where to start. In early April, shortly after revealing he had bought a 9.2% stake in Twitter, Musk asked Twitter users to create an “Edit” button for social media posts. this. Musk then suggested removing ads for Twitter Blue accounts, reducing registration fees, and adding DogeCoin as a means of payment.
It is still unclear what made Twitter change its decision. Earlier, when receiving Mr. Musk’s proposal, the Twitter Board of Directors resisted it by setting up a “poison” defense to prevent this takeover plan.
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