It’s official: Elon Musk acquiring Twitter in a deal valued at $44 billion

Twitter has made it official: it will accept Elon Musk’s offer to buy the company at a value of $54. 20 per share. After Elon Musk made what he described as his “best, final and best” offer to buy the company earlier in this month. Head below for the full details on Elon Musk’s acquisition of Twitter.

Elon Musk is buying Twitter

Initial reports suggested that Twitter wasn’t interested in Musk’s offer of the acquisition. Twitter’s board adopted a poison pill “ in order to prevent hostile takeovers. Then, reports earlier on Monday indicated that Twitter’s board of directors were considering the offer and the company could announce the deal as soon as Monday afternoon.

That has now come to fruition, with Twitter announcing that it has indeed accepted Musk’s offer to acquire the company. The deal is valued at $54. 20 per share, for a total value of $44 billion. This means that Twitter shareholders will receive $54. 20 per share owned.

Parag Agrawal, Twitter’s CEO, said, “Twitter has a purpose and relevance that impacts the entire world. We are proud of our team and feel inspired by their work .”

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“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 hope to improve Twitter by making it better, open-sourcing the algorithm to boost trust and defeating spambots. Twitter is a great platform. I am excited to work with them and their community to make it .”

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Twitter says that Musk has secured $25. 5 billion of fully committed debt and margin loan financing and is providing an approximately $21.0 billion equity commitment. The company will become privately owned once the agreement is done.

This deal was “unanimously approved by the Twitter Board of Directors” and is expected to close this year.

Parag Agrawal, Twitter’s CEO, said:

Twitter is a tool with a global purpose. Deeply proud of our teams and inspired by the work that has never been more important.

Musk stated that Twitter should be made private to allow it to thrive. The CEO of SpaceX and Tesla, Jeff Bezos, said Twitter’s current structure “will not help this society” and “will never prosper.”

I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.

However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter must be transformed into a private business.

What do you make of Twitter’s acceptance of Musk’s acquisition offer? Let us know down in the comments.