Twitter management has reached an agreement to sell the company to Elon Musk, the company announced Monday.
According to the information, the final agreement provides for the payment by the CEO of Tesla and the owner of the largest fortune in the world at the amount of 54.20 US dollars per share, in a deal worth about 44 billion US dollars.
The terms of the agreement were unanimously approved by the social network’s “board” and the process is expected to be completed this year, following approval by Twitter shareholders and a “green light” from relevant regulators.
In a statement, Twitter said the price Musk is offering per share represents a 38% premium over its closing price on April 1, the last trading day before the Tesla founder announced he owns about 9.2% of Social’s capital. network.
On April 14, the South African businessman submitted his bid to buy Twitter and withdraw it from the exchange. The bid, which Musk called “the last and last,” called for a payout of $54.20 per share.
“The proposed transaction will provide a significant cash premium and we believe is the best path forward for Twitter shareholders,” the statement quoted Brett Taylor, an independent member of the company’s board of directors, as saying.
Parag Agrawal, CEO of Twitter, emphasizes that the social network “has a purpose and significance that impacts the entire world. I am so proud of our team and inspired by work that has never been more important.”
“Freedom of speech is the cornerstone of democracy work and Twitter is the digital square where issues vital to the future of humanity are discussed,” says Elon Musk.
“I want to make Twitter better than ever by improving the product with new features, making algorithms open to increase trust, defeat spam bots and authenticate all users. Twitter has tremendous potential. I look forward to working with the company and the user community to unlock that potential,” he adds.
“Wannabe internet buff. Future teen idol. Hardcore zombie guru. Gamer. Avid creator. Entrepreneur. Bacon ninja.”