Twitter Accepts Musk's $44 Billion Deal
- Apr 25, 2022
- Barry Adams
Twitter agreed to be acquired by a company controlled by Elon Musk for $43.5 billion. The deal marks the end of a weeklong saga after the board took defensive measures to stay independent.
Twitter Inc agreed to be acquired by a company wholly owned by Elon Musk, billionaire investor and CEO of Tesla Inc.
The $54.20 a share in cash deal values the social media platform at $4 billion. The deal price is 38% premium to Twitter's closing price on April 1, 2022, before Musk made his 9% stake public.
After the deal is completed in 2022, Twitter will operate as a private company.
Musk has secured $25.5 billion of fully committed debt and margin loan financing and is providing an approximately $21.0 billion equity commitment.
There are no financing conditions to the closing of the transaction.
Twitter plans to release its first quarter fiscal year 2022 results before the market opens on April 28, 2022 and will not hold an earnings conference call.