The investment world has been talking about Elon Musk’s bid for Twitter for a while.
Although Twitter’s board of directors did not approve of this offer at the first stage, it reevaluated Musk’s offer due to the pressures that investors could sue them.
We recently mentioned that Twitter transactions on the stock market were suspended due to pending news. The official announcement came 5 minutes after this post.
Twitter operations have been suspended due to pending news. -Bloomberg 👀
— Bitcoin System (@bitcoinsystem) April 25, 2022
Agreement Officially Announced
Accordingly, Elon Musk will buy all shares of Twitter for $54.20 per share in cash.
After the transactions are completed, Twitter will become a private company. Musk will pay $44 billion for this purchase.
$54.20 will be paid for TWTR shares held by all shareholders. When Musk announced that he wanted to buy Twitter, the price was 40% below this level.
Descriptions
Bret Taylor, Twitter’s Chairman of the Board, said, “The Twitter Board of Directors has conducted an extensive process to evaluate Elon’s proposal with a focus on value, certainty and funding. This transaction will generate a substantial cash bonus and is the best way forward for Twitter’s shareholders.” said.
Parag Agrawal, CEO of Twitter, said, “Twitter has a purpose and an interest that affects the whole world. We are deeply proud of our teams.” said.
Elon Musk said the following about his take on Twitter:
“Freedom of expression is the cornerstone of a functioning democracy, and Twitter is the digital town square where issues vital to the future of humanity are discussed.
I also want to make Twitter better than ever by enhancing the product with new features, open source algorithms to increase trust, defeating spam bots and authenticating all people.
Twitter has tremendous potential – I look forward to working with the company.”
Bitcoin and Dogecoin React
After the official announcement of Musk’s purchase of Twitter, there were lively minutes in Bitcoin and Dogecoin.
Daily gains in Dogecoin surpassed 20% as Bitcoin rallied as high as $40500.
There is an expectation that Musk’s acquisition of Twitter will also contribute to the crypto money ecosystem and speed up the related processes.
*Not Investment Advice.