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Twitter officially accepts Elon Musk's Buyout Deal

1 cover Twitter accepts Elon Musk deal

 

It was rumored all morning that Twitter would accept Elon Musk's offer for the company and CNBC is now reporting that it's official.  

 

CNBC reports that "Twitter’s board has accepted an offer from billionaire Elon Musk to buy the social media company and take it private, the company announced Monday.

 

The cash deal at $54.20 per share is valued around $44 billion, according to the press release. Twitter will become a private company once the deal is complete.

 

The announcement ends a weeks-long saga Musk kicked off when he disclosed a large stake in the company. Soon after, the company said he would join the board, only for Musk to reverse course on that plan several days later. Then, he offered to buy the company at $54.20 per share, his “best and final.” That offer valued Twitter at about $43 billion.

 

Assuming the deal closes and Musk takes ownership of Twitter, the company will be controlled by the world’s richest person and someone who’s been a heavy critic of the platform while using it in legally contentious ways, mostly through sensitive posts about his car manufacturer, Tesla."  

 

Reuters reported earlier that "Twitter has not been able to secure so far a ‘go-shop’ provision under its agreement with Musk that would allow it to solicit other bids once the deal is signed, the sources said. Still, Twitter would be allowed to accept an offer from another party by paying Musk a break-up fee, the sources added." Whether Democrats will attempt to stop Musk with a higher bid remains a distinct possibility.  

 

Though Musk has indicated that his primary interest in Twitter has to do with what he views as the company’s censorship of free speech, Musk critics are justifiably concerned that the opposite will happen. Musk’s interest in Twitter to date comes from his own frequent use of the platform. The Tesla and SpaceX CEO often uses his large platform to share jokes, engage with followers and make business announcements. For more on this, read the full CNBC report.

 

10.0F3 - Patently Extra News

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