Elon Musk Will Buy Twitter for $44 Billion USD

The deal was unanimously approved by Twitter’s board.

Tech
28,824 Hypes 48 Comments

UPDATE (April 25, 2022 16:12 EDT): Elon Musk has reached a deal to purchase Twitter for roughly $44 billion USD, the company announced on Monday. The deal was unanimously approved by Twitter’s board, which includes the platform’s former CEO, Jack Dorsey.

As part of the deal, shareholders will receive $54.20 in cash in exchange for each share of Twitter stock they currently own. This marks a 38% premium over the stock price on the day before Musk announced that he had become a shareholder. Upon completion of the deal, Twitter will become a private company.

“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,” Musk said in a statement published to Twitter on Monday. “Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”

“Twitter has a purpose and relevance that impacts the entire world,” Twitter CEO Parag Agrawal added. “Deeply proud of our teams and inspired by the work that has never been more important.”

The New York Times reported earlier on Monday that Twitter was nearing completion on the deal, citing two people with knowledge of the situation.

Musk announced on April 14 that he wanted to buy Twitter and take it private, tweeting out a link to his filing to buy “100% of Twitter for $54.20 [USD] per share in cash.” In the filing, he called the bid his “best and final offer” and said that if it’s not accepted, he would “need to reconsider [his] position as a shareholder.”

Last week, Musk updated his proposal, lining up $46.5 billion USD in financing, according to people with knowledge of the matter.

Twitter’s 11-member board reportedly met with Musk over his bid to buy the company on Sunday morning. The two parties discussed a timeline for a potential deal and any fees that would be paid if the agreement fell apart, the sources said.

“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk said in his proposal. “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”

“Twitter has extraordinary potential. I will unlock it,” he added.

In other tech news, someone seemingly left a Google Pixel Watch at a restaurant by accident.

Read Full Article

What to Read Next

Twitter Shareholders Vote To Approve Elon Musk’s $44 Billion USD Twitter Deal
Tech

Twitter Shareholders Vote To Approve Elon Musk’s $44 Billion USD Twitter Deal

Musk will take the company to trial in October.

Elon Musk Files To Back Out of $44 Billion USD Twitter Deal
Tech

Elon Musk Files To Back Out of $44 Billion USD Twitter Deal

Musk and Twitter finalized the terms of the deal in April.

Elon Musk Will Reportedly Charge Twitter Users $20 USD per Month for Verification
Tech 

Elon Musk Will Reportedly Charge Twitter Users $20 USD per Month for Verification

If employees assigned to the project do not meet their deadline, they will be fired.


Elon Musk Has Officially Subpoenaed Twitter's Whistleblower
Tech

Elon Musk Has Officially Subpoenaed Twitter's Whistleblower

Twitter’s former security chief, Peiter “Mudge” Zatko will be deposed.

Salehe Bembury Confirms He Has More Crocs Pollex Clog Colorways Coming in May
Footwear

Salehe Bembury Confirms He Has More Crocs Pollex Clog Colorways Coming in May

Good luck because you already know these are gonna fly.

Nike Dresses Up the Dunk Low With an Array of Animalistic Patterns
Footwear

Nike Dresses Up the Dunk Low With an Array of Animalistic Patterns

Multi-colored suede Swooshes and woodgrain textures also come into play.

'Skate 4' Leak Suggests Players Can Build Custom Skateparks Online Together
Gaming

'Skate 4' Leak Suggests Players Can Build Custom Skateparks Online Together

In a new “Free Skate” mode.

Discarded Fishing Nets Were Used to Create This 3D-Printed Chair
Design

Discarded Fishing Nets Were Used to Create This 3D-Printed Chair

With a fluid design inspired by the ocean’s kelp forests.

First Look at Teddy Santis' Debut New Balance MADE in USA Collection
Footwear

First Look at Teddy Santis' Debut New Balance MADE in USA Collection

Featuring the 990v1, 992v2 and 990v3.


One-of-200 1973 Porsche Carrera RS 2.7 Lightweight Heads to RM Sotheby's Monaco Auction
Automotive

One-of-200 1973 Porsche Carrera RS 2.7 Lightweight Heads to RM Sotheby's Monaco Auction

And it could fetch over $1,000,000 USD.

LMC SS22 Brings Water-Repellent Bags and Embellished Spring Wares
Fashion

LMC SS22 Brings Water-Repellent Bags and Embellished Spring Wares

Including a varsity jacket and a flame bear T-shirt.

Bored Ape Yacht Club to Cover a Limited Run of Monkey Shoulder Whisky
NFT

Bored Ape Yacht Club to Cover a Limited Run of Monkey Shoulder Whisky

Entering the luxury drinks space for the first time.

BAPE Joins Monkey 47 on Skate-To-Drinks Lifestyle Collection
Fashion 

BAPE Joins Monkey 47 on Skate-To-Drinks Lifestyle Collection

Presented by Monkey 47
Where two monkey icons meet.

adidas Originals Taps Kris Andrew Small for Pride Month-Celebrating Sneaker Capsule
Footwear

adidas Originals Taps Kris Andrew Small for Pride Month-Celebrating Sneaker Capsule

The Sydney-based artist adds his graphics to the Campus 80, Superstar, Stan Smith, Forum and more.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Looks like you’re using an ad-blocker

We charge advertisers instead of our readers. Support us by whitelisting our site.

Whitelist Us

How to Whitelist Us

screenshot
  1. Click the AdBlock icon in the browser extension area in the upper right-hand corner.
  2. Under “Pause on this site” click “Always”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlock Plus icon in the browser extension area in the upper right-hand corner.
  2. Block ads on – This website” switch off the toggle to turn it from blue to gray.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlocker Ultimate icon in the browser extension area in the upper right-hand corner.
  2. Switch off the toggle to turn it from “Enabled on this site” to “Disabled on this site”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the Ghostery icon in the browser extension area in the upper right-hand corner.
  2. Click on the “Ad-Blocking” button at the bottom. It will turn gray and the text above will go from “ON” to “OFF”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the UBlock Origin icon in the browser extension area in the upper right-hand corner.
  2. Click on the large blue power icon at the top.
  3. When it turns gray, click the refresh icon that has appeared next to it or click the button below to continue.
screenshot
  1. Click the icon of the ad-blocker extension installed on your browser.You’ll usually find this icon in the upper right-hand corner of your screen. You may have more than one ad-blocker installed.
  2. Follow the instructions for disabling the ad blocker on the site you’re viewing.You may have to select a menu option or click a button.
  3. Refresh the page or click the button below to continue.