Twitter Accepts Musk’s “Best and Final Offer:” $44 Billion Cash
By Yehudit Garmaise
Twitter’s board of directors have accepted the $44 billion cash offer of Elon Musk, the world’s richest person, to take private the social media giant, which will no longer be traded on the stock market, but owned only by the Telsa CEO, who wants to reinvent the platform.
Twitter shareholders must still approve the deal with Musk, whose “best and final offer” is to pay each Twitter shareholder a generous $54.20 per share, which is a price that provides a 38% increase over Twitter’s closing stock price on April 1, 2022, which was the last trading day before Musk disclosed his approximately 9% stake in Twitter.
“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,” said Musk, after Twitter announced they had reached a “definitive deal.”
“I 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," said Musk. "Twitter has tremendous potential.”
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