It is official. Elon Musk has finally bought 100 per cent stake in Twitter for approx $44 billion, around $54.20 per share, and all of it in cash.
The microblogging site has been evaluating Musk’s offer for the past several weeks. Musk previously said that Twitter has “extraordinary potential” and he wants to unlock it all.
Talking about the buyout, Parag Agrawal, Twitter’s CEO, said, “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.”
Twitter’s Independent Board Chair, Bret Taylor said “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Earlier this month, Musk purchased a 9.2 per cent stake in Twitter. This made him the second-biggest shareholder in the company, the first one being Vanguard with 10.3 per cent stake in the company. Later, Twitter CEO Parag Agrawal welcomed Musk to be a part of the board but the billionaire rejected the offer. The tussle between Elon and Twitter has been going on since then.