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Twitter accepts Musk's $44 billion takeover offer

 

#elonmuskbuytwitter


Twitter 's board of directors on Monday approved Elon Musk's $44 billion takeover bid, ending weeks of debate over whether the company would accept his unpopular offer.

thoughtful process

"The Twitter Board of Directors conducted a deliberate and comprehensive process to evaluate Elon's proposal with a deliberate focus on value, collateral and financing," Twitter Chairman Brett Taylor said in a statement. "The proposed transaction will provide significant cash flow, and we believe it is the best path forward for Twitter shareholders."

Musk first floated a $54.20-a-share deal on April 14, sparking controversy for weeks as Twitter and Wall Street leaders scrambled to see if Musk was serious. As it turns out, Musk clarified the financing details around the bid last week, which consisted of about $46 billion in equity and loans backed by Morgan Stanley.

Poison pill tactic

Twitter initially rejected Musk's takeover plan, adopting a poison pill as a defense intended to make any takeover bid costly. But Twitter has reportedly come under increasing pressure from major contributors to fully consider Musk's offer. The company's stock has tumbled in recent months, having lost about 60% of its value in the twelve months before Musk disclosed in early April that he had made a large investment in Twitter stock.

You can read also: How can China benefit from Elon Musk's acquisition of Twitter?

freedom of expression

"Freedom of expression is the bedrock of a functioning democracy, and Twitter is the digital city arena in which matters vital to humanity's future are discussed, " Musk said in a statement. "I also want to make Twitter better than ever by improving the product with new features, and making open source algorithms to scale. Twitter has tremendous potential, and I look forward to working with the company and the user community to unleash it," he added.

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