Elon Musk Completes Twitter Takeover in $44 Billion Deal

Elon Musk Completes Twitter Takeover in $44 Billion Deal

  • Twitter’s board has accepted an offer from Elon Musk to buy the social media company and take it private.
  • The shocking announcement brings an end to a saga that has gone on for weeks.
  • The Twitter takeover deal is said to be valued at $44 billion and shareholders will receive $54.20 in cash for each share.

The Twitter board announced on Monday that it has agreed to sell the company to billionaire, Elon Musk. Musk is set to take the social media company private in a deal valued at around $44 billion.

The deal brings an end to a saga that has gone on since the Tesla boss became one of Twitter’s largest shareholders. After buying a 9.2% stake in the company, the billionaire was offered a seat on the board. He shocked everyone by turning down the board offer and instead offered to buy the company.

Twitter takeover

Under the terms of this Twitter takeover deal, the shareholders of the company will receive $54.20 in cash for each share that they own. This matches Musk’s original offer and makes a 38% premium on the value of the stock at the time that the billionaire disclosed his stake in the company.

In a statement on Monday the new Twitter boss said:

“Twitter has tremendous potential. I look forward to working with the company and the community of users to unlock it.”

 The deal was approved by everyone on Twitter’s board and is expected to close this year. It comes only a few days after the billionaire revealed that he had lined up a $46.5 billion financing for his Twitter takeover.

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