Twitter Confirms $44B Elon Musk Buyout

Billionaire says he plans to make Twitter 'better than ever'
By Rob Quinn,  Newser Staff
Posted Apr 25, 2022 2:37 PM CDT
Twitter Confirms $44B Elon Musk Buyout
Tesla and SpaceX CEO Elon Musk arrives on the red carpet for the Axel Springer media award in Berlin on Dec. 1, 2020.   (Hannibal Hanschke/Pool Photo via AP, File)

After a day of speculation and fast-moving developments, Twitter has accepted Elon Musk's offer. The company has entered a "definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion," Twitter said in a press release Monday afternoon. Sources tell the Washington Post that late-night talks between the billionaire and Twitter's board of directors focused on determining whether Musk had enough financing for the deal, not on the social media site's future direction.

Bret Taylor, Twitter's independent board chair, said Musk's proposal to take the company private was assessed with a "focus on value, certainty, and financing" and the board believes it is the best path forward for shareholders. "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 the press release. He said he plans to make Twitter "better than ever" with moves including "making the algorithms open source to increase trust."

The deal is expected to close later this year, but that will depend on approval from both shareholders and regulators, Engadget reports. Potential problems for Musk include a lawsuit from shareholders and an ongoing SEC investigation of alleged insider trading. It's not clear what changes Musk plans to make first, the Verge notes. Hours before the deal was confirmed Monday, he tweeted: "I hope that even my worst critics remain on Twitter, because that is what free speech means." (Read more Twitter stories.)

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