The month-long Twitter and Elon Musk saga finally came to a happy end as Elon finally bought the social media giant Twitter. Elon’s transition from shareholding to buying the entire company for himself is a story that will be written in the history books.
Sources reveal that Twitter finally accepted the deal and Elon’s efforts were not in vain. Earlier this month, Elon backed out from his decision to join the company’s board of directors and instead offered to buy Twitter for $44 billion, paying it in cash.
From rumors that Elon’s offer would never be made public, to when the company actually agreed to the acquisition, the journey has been pretty bumpy. According to a press release Twitter (TWTR)has accepted a buyout offer from Tesla CEO Elon Musk for $54.20 per share, valuing the social media company at approximately $44 billion in cash.
Once the $44 billion deal is complete, Twitter will become a private company and Elon will own 100% of the company as a result of the transaction.
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[RTRS] 25 Apr – 20:50:03 (TWTR.N) – ELON MUSK TO ACQUIRE TWITTER— *Walter Bloomberg (@DeItaone) April 25, 2022
In an April 13 regulatory filing, Musk said he intends to take the social media company private to “review the changes that need to be made.”
In early April, Musk announced that he bought a 9.2% stake in Twitter for $2.89 billion. He also criticized the social media platform in a series of tweets, saying that “failing to abide by the principles of freedom of speech fundamentally undermines democracy.”
In his filing with the U.S. Securities and Exchange Commission, Musk commented, “I am invested because I believe in Twitter’s potential to be a worldwide free speech platform, and I believe freedom of speech is a societal imperative for a functioning democracy.”
Twitter shares rose more than 5 percent to $51.63 on Monday and trading was halted as the news was expected to be finalized in the afternoon.
Meanwhile Dogecoin pricehas risen more than 30 percent since reports were released Monday morning that a deal is likely. Some investors believe Musk’s fondness for DOGE means the coin could play a larger role in Twitter payments if he owns the company.
Mostly claimed to be a public person, Elon Musk will definitely take Twitter to the next level with his visions for the platform. The dream of transforming the platform into one that provides freedom of speech may soon come true.
You can check the price movements here.
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