After a high-stakes drama that lasted weeks, Twitter has accepted Elon Musk’s offer of $54.20/share. The billionaire has secured the funding, and it is now a matter of regulatory approvals before Musk owns Twitter.
Ellon Musk made a “best and final offer” of approximately $44 billion to buy out Twitter. The offer is a 38% premium over the stock values when Musk purchased a 9% stake in the platform. The Tesla founder also turned down a seat on the Twitter board, revealing his hand.
Elon Musk owns Twitter, all of it.
Twitter has officially announced that it has accepted Musk’s buyout offer. CNBC reported the story first, along with quotes from the Twitter board and current CEO Parag Agrawal. Here are some of the statements about Elon Musk’s Twitter buyout.
“The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”Bret Taylor, Twitter’s Independent Board Chair.
“Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important”.Parag Agrawal, Twitter CEO
There are many changes that we can expect in Twitter going forward, but Musk has paid special emphasis on the freedom of speech. His acquisition of Twitter was fueled by his idea of a “free speech” encouraging platform. It remains to be seen how Mr. Musk deals with rampant misinformation that often comes as a byproduct of free speech.
Elon Musk has also reportedly secured $25.5 billion in fully committed debt and is providing an equity commitment of approximately $21 billion. The transaction is now officially underway.
When will Elon Musk own Twitter?
While the finances are arranged, and both the buyer and the seller are ready, there are still some things pending. Mr. Musk, as well as Twitter, have to get the appropriate regulatory approvals for the buyout. Mr. Musk also has the SEC Twitter nanny watching over him, which could mean trouble.
However, there are no antitrust issues that are raised at the time of filing this story. So we can expect the handoff to go smoothly and for Elon Musk to own Twitter within 2022.