Billionaire and CEO of SpaceX and Tesla, Mr. Elon Musk has agreed to buy the American microblogging platform Twitter for $44 billion in cash with shares valued at $54.20.
The mega-acquisition deal comes after many rounds of disparities among Twitter board members, Tesla board and even between users. To make it more interesting, Mr. Musk recently started an opinion poll on Twitter, in which 83.5 percent agreed that the decision should rest with the shareholders of the company and not the board. The remaining 16.5 percent favored the board making the final decision.
The Twitter acquisition saga of Mr. Elon Musk started early this year with accumulating an over 5 percent stake in the company, which was followed by taking over a 9.2 percent share worth $2.9 billion.
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated. I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential. I look forward to working with the company and the community of users to unlock it.”
Earlier this month, Mr. Musk offered to buy full stakes in Twitter for $43 billion, to which Twitter responded by adopting a ‘poison pill’ strategy to make it harder for Mr. Musk to acquire more shares and buy the social network.
Twitter, finally welcomed the proposal of going private, and said that Mr. Musk secured $25.5 billion of debt and margin loan financing and is providing a $21 billion equity commitment.