Elon Musk has completed the takeover of Twitter as the board of directors accepts the entrepreneur’s $44 billion offer after initial resistance
IT News Nigeria:
Elon Musk, the world’s richest man, has finally succeeded in acquiring the social media firm Twitter. The microblogging platform’s board of directors accepted Musk’s $44 billion offer to take the company private.
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement announcing the purchase. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans.”
Earlier, Report emerged that Musk Twitter Buyout On Track For MONDAY After Shareholders Beg Board.
Elon Musk’s Twitter romance took another twist on Sunday as it emerged representatives of the Tesla CEO had reportedly restarted negotiations for a takeover bid, with a deal possibly being closed as early as Monday according to CNBC.
The billionaire pitched the takeover bid for Twitter earlier this month at $54.20 per share, shortly after he bought a 9.2% share of the company on April 4. Twitter shares at the time were trading below $40 per share.
However, Twitter’s board was originally reluctant to accept the bid and even enacted a shareholders’ rights plan known as a ‘poison pill’ to protect the company from what it deemed a hostile takeover. But earlier this week, reports emerged that Twitter executives had begun warming up to discussing the deal.
Last Thursday Musk announced he’d secured significant backing from Morgan Stanley for his $43BN bid – reportedly leading to stakeholder confidence – but sources claim certain securities in the event of the deal collapsing are holding up talks.
That didn’t stop Musk flirting with his 83MN followers Sunday morning with a typically cryptic tweet, simply saying “Moving on…” – from teasing Bill Gates for shorting Tesla stock.