CONFIRMED: Elon Musk to buy Twitter and take it PRIVATE

by The Right Scoop

MAJOR UPDATE: The deal between Elon Musk and Twitter is confirmed, with Twitter announcing it will become a private company once again:

PRNEWSWIRE – Twitter, Inc. today announced that it has entered into 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. Upon completion of the transaction, Twitter will become a privately held company.

Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.

Bret Taylor, Twitter’s Independent Board Chair, 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.”

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.”

“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,” said Mr. Musk. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

That’s as official as it gets!

UPDATE:

 
<<< – ORIGINAL STORY – >>>

News is breaking of a reported deal reached between Elon Musk and Twitter, saying he’ll purchase the social media company for $44 billion.

The report also says news of the deal will be announced later on today:

They are all referencing the WSJ, who just updated their latest developments page with this:

The two sides worked through the night to hash out a deal that would be valued at $54.20 a share, or $44 billion, the people said. Assuming there isn’t a last-minute snag, the deal is expected to be announced after the market closes Monday, if not sooner.

It’s not clear why the total value of the deal has increased slightly from prior expectations, but it could be related to an updated share count.

That’s a change from what it said a few minutes ago, so it does look like a deal has been reached.

I’ll update with more confirmation as soon as I get it.

UPDATE: I should note that Musk tweeted this an hour ago…


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