Elon Musk, born in Pretoria, South Africa
April 26, 2022
SpaceX and Tesla CEO Elon Musk achieved a brazen $44 billion deal to acquire Twitter after completing negotiations with the social media company’s board of directors on Monday (25 April).
Twitter shareholders will receive $54.20 in cash for each share of common stock owned.
But what Twitter users feared the most was how the new ownership will impact on them and the liberty to express their thoughts which twitter has continued to offer.
Elon Musk was quick to douse their fear when he tweeted that he will continue to use Twitter to champion free speech, meaning that no restrictions are being contemplated in the near future.
Musk had earlier hinted his takeover bid had been successful in a post expressing hope “even my worst critics remain on Twitter, because that is what free speech means”.
Musk previously stated the price was his “best and final” offer.
The sum represents a 38 per cent premium to Twitter’s closing stock price on 1 April, which was the last trading day before Musk disclosed a 9.2 per cent stake.
Musk’s move was unanimously approved by Twitter’s board of directors with the deal is expected to complete this year after clearing customary closing conditions and gaining shareholder approval.
He secured $25.5 billion of fully-committed debt and margin loan financing for the acquisition and is providing around $21.0 billion in equity.
