Twitter Inc. set to accept Elon Musk $54.20 per share offer in cash

Twitter is nearing a deal to sell itself to Elon Musk for $54.20 per share in cash, the price that he originally offered to the social media company and called his ‘best and final,’ people familiar with the matter say. 

Elon Reeve Musk F.R.S is an entrepreneur, investor, and business magnate. Also, he is the founder, CEO, and Chief Engineer at SpaceX; early-stage investor, CEO, and Product Architect of Tesla, Inc.; founder of The Boring Company; and co-founder of Neuralink and OpenAI.

Twitter Inc. had originally lost nearly 9.2% of its stake. After the billionaire Musk bough it amid unconstitutional practice. However, Elon made it clear in his claims that he stands for freedom of speech and was seen butting heads with CEO Parag Agarwal. Not just on the very matter but many others to improve user sovereignty.

Twitter succumbs to Musk Magic

Twitter is nearing a deal to sell itself to Elon Musk for $54.20 per share in cash, the price that he originally offered to the social media company and called his ‘best and final,’ people familiar with the matter say.

This purchase if successful will revolutionize social media platforms with greater user privileges.

Moreover, the conglomerate and tech genius Musk would be adding another diverse investment to his great portfolio.

Twitter board is expected to accept Elon’s offer. Thus, Twitter remains under pressure from shareholders to accept Elon’s offer.

Also, a netizen tweeted, “This has indicated that shareholders do not trust that existing board members can run Twitter better than Elon.” 

According to sources the deal could be finalized by this week. Ironically, after Musk’s offer was rejected.

Twitter takes hit and goes back for $43 billion

Details of how Elon intended to finance his offer were disclosed to US regulators. Therefore, this made Twitter’s 11-member board seriously consider a possible deal. According to Reuters, the New York Times and Bloomberg – citing anonymous sources.

The, 50 year old, billionaire lined up a $46.5 billion financing package for his bid, according to a regulatory filing. The funding will come from a mixture of his own assets. As well as the backing of Wall Street banking giant Morgan Stanley and other firms.

A number of Twitter shareholders reportedly contacted the company after Musk announced the financing plan. Also urged it not to miss the opportunity for a potential deal.

 

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