Twitter and billionaire Elon Musk reached a deal for $44 billion

Billionaire Elon Musk announced an offer to acquire the social networking platform Twitter on April 14 at $54.20 a share, or about $43 billion in total, said he wasn’t doing it to make money but to unleash Twitter’s potential.

Discussions and negotiations between Mr. Musk and Twitter’s board of directors took place from April 24 to April 25.

The increase of 1 billion USD to acquired Twitter understood to reflect the purchase of additional shares shared by Twitter.

The purchase price was equivalent to 38% of Twitter’s closing stock price on April 1, the last trading day before Musk revealed his 9% stake.

The deal means Twitter is now going private, ending its stock market stint that began in 2013.

Shares of Twitter, which was briefly suspended due to the announcement, were up 6% but trading at just $51 a share, well below the $54.20 asking price.

Billionaire Elon Musk. (Photo: AP)

The new talks have been spurred by Elon Musk, the Tesla and SpaceX CEO. Mr. Musk revealed that he had secured financing for his offer to buy Twitter, even though the company had adopted a “poison pill” strategy, prompting shareholders to urge management. Don’t let the deal drag on.

Bret Taylor, Twitter’s Independent Board Chairman, said: “The Twitter Board of Directors conducted a thorough and comprehensive process to evaluate Mr. Elon Musk’s proposal with a focus on values, certainty and financing. The proposed transaction will yield a substantial cash premium, and we believe it is the best path forward for Twitter shareholders.”

Mr. Musk stated that he wants to make Twitter better than ever by enhancing the product with new features, making algorithms open source to increase reliability, defeat spam bots and authentication. for all users: “Twitter has great potential, I look forward to working with the company and the user community to unlock it”.

Musk, a frequent user of the platform, made a surprise offer to acquire Twitter in early April, just days after he declined to join Twitter’s board.

The deal is expected to be completed by the end of the year, the statement said.

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