Elon Musk buys Twitter for $44 billion

25 April, 2022
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Elon Musk buys Twitter for $44 billion

American businessman Elon Musk reached an agreement on Monday to acquire Twitter, under which shareholders will receive $54.20 per share.

Earlier, informed sources revealed that the company is close to agreeing to a deal to sell it to the billionaire for $54.20 in cash per share, expecting the deal to happen “within hours.”

The mentioned price was described by Tesla CEO Musk as his "best and last" offer to buy the social media platform.

The total transaction value is $44 billion.

Musk, the richest person in the world according to Forbes magazine, was negotiating to buy Twitter in his personal capacity, and Tesla is not involved in the deal.

Twitter shares rose 4.5 percent in premarket trading in New York, on Monday, to $51.15.

Earlier, Musk said that Twitter needed to become a private company in order to grow and become a true platform for freedom of expression.

The deal comes just 4 days after Musk unveiled a financing package to support the acquisition.

This led Twitter's board of directors to take the deal more seriously, and many shareholders asked the company not to give up this opportunity, Reuters reported Sunday.

 


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