It’s official. In the last few hours, Elon Musk, CEO of Tesla and SpaceX, had increased his commitment to take over Twitter and was in advanced talks to reach an agreement with the company’s Board of Directors. It was rumored that the firm could be close, and the acquisition has just been confirmed.
Elon Musk will spend 44,000 million dollars
Twitter has announced that it has reached a definitive agreement to be acquired by an entity owned by Elon Musk, which will pay $54.20 per share, 38% more than the company’s shares were worth at the beginning of April, when Musk acquired 9.2% of the total. On the whole, It is estimated that the operation will be around 44,000 million dollars.
Until its acquisition, according to the statement published by PRNewswire, Twitter will remain a wholly private company. The transaction has been unanimously approved by Twitter’s Board of Directors and is expected to be completed before the end of 2022.
Before that, it will have to obtain the final approval verdict from the company’s shareholders, as well as obtain the go-ahead from the competition regulatory authorities.
Elon Musk would pay 25,500 million dollars of the total, while to complete the 44,000 million dollars that he will have to disburse in total, he will resort to financing companies such as Morgan Stanley.
Twitter was scheduled to announce its fiscal results for the first quarter of the year next Thursday. After producing this news, the company will not publicly communicate its figures.
We will keep reporting.
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