Elon Musk to acquire Twitter in $44 billion deal

BestMakeMoneyIdeas April 25, 2022

Twitter clinched a deal to sell itself to Elon Musk

According to CNN, Twitter stated Monday it has agreed to sell itself to Elon Musk in an approximately $44 billion deal, which will take the business private. Under the terms of the deal, stockholders will receive $54.20 in cash for each share of Twitter stock they own, matching Musk's original offer. Musk stated in a statement Monday: "Twitter has huge potential “

Social media Twitter is being acquired by Elon Musk, the world's richest man and founder of the Tesla and SpaceX companies. The company has signed an agreement to acquire the company for a whopping Rs 3.67 lakh crore ($ 44 billion). Twitter, once part of the stock market, will now be a fully private company. The acquisition paid $ 54.20 (Rs. 4,148) per share. Those who buy a stake in Twitter on April 1 will get a 38 percent return in 26 days. Musk's acquisition plan was unanimously approved by the Twitter board of directors. The announcement was made at midnight. Twitter initially decided to implement a shareholder rights plan (Poison Pill) to avoid falling into Musk's hands. The goal was to gradually reduce Musk's stake in the company from the current 9.1 percent and make the acquisition more expensive. However, he acknowledged that their numbers were not enough to defeat Musk's $ 46.5 billion ($ 3.71 trillion) plan. Investor pressure was also strong as Musk offered higher prices. Twitter also said that even when the Poison Pill was in effect, the board would move towards acquisitions in the interests of investors. But the decision was delayed because Twitter was also a medium and did not agree with private ownership. ∙ ‘I think even my biggest critics will remain on Twitter. Because this is what freedom of expression means. '- Elon Musk