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Elon Musk buys Twitter for $44 billion

Updated: Jun 21, 2022

The transaction is subject to Twitter shareholders giving their approval in a vote at the shareholders' meeting. The council expects the operation to be completed in 2022.

The board of directors of Twitter has finally decided to accept the initial offer to buy the company presented by Elon Musk for a total of 44 billion dollars, it was reported in a statement on Monday.


"Twitter's board undertook a comprehensive and detailed process to assess Elon's proposal with a deliberate focus on value, certainty, and funding. The proposed transaction will achieve a substantial premium indeed, and we believe it is the best path forward." Twitter shareholders," said the independent chairman of the board, Bret Taylor.


The operation had been advanced this Monday by several US media, which indicated that the final announcement would be published throughout the day.


The operation had been advanced this Monday by several US media, which indicated that the final announcement would be published throughout the day.


Under the terms of the offer, Elon Musk will pay each Twitter shareholder $54.2 in cash for each of his titles. This is a 54% premium over January 28, when Musk started buying Twitter shares, as well as a 38% premium over April 1, when he disclosed his position in the company.


"Freedom of expression is the foundation of a functioning democracy and Twitter is the digital town square where issues important to the future of humanity are debated," Musk said.


The entrepreneur, owner of Tesla and SpaceX added that he wants to make the social network "better than ever" by improving the product, making the algorithms open-source, ending spambots, and verifying all human users.


There are no financial conditions to be met for the closing of the transaction. Musk has secured $25.5bn worth of debt financing and a margin loan. Likewise, he contributes a capital commitment of 21 billion to the operation.


Por Europa Press



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