After a non-binding proposal, some dismay on part of the Twitter board, and then some reconsideration, Elon Musk has finally bought Twitter for $44 billion, something that he deems his “best and final offer.” The deal is valued at $54.20 per share, an amount that was proposed by Musk as his initial offer. Here are the details to know.
Musk Now Owns Twitter!
The deal to buy Twitter is an all-cash one for Musk and once the transaction will be fully complete, it will become a private company. It is said that this offer was “unanimously” accepted by Twitter’s board of directors and is expected to close this year.
As part of the deal, Elon Musk has secured $25.5 billion of fully committed debt and margin loan financing and has provided around $21.0 billion in equity commitment.
Technical details apart, Musk took to Twitter to express his utmost glee and talk about how his acquisition of the microblogging site emphasizes free speech and what measures it will take to make Twitter better. Expect new product features, open-source algorithms, getting rid of spam bots, and more. Here’s a look at his tweet.