Elon Musk is going to be the new owner of Twitter. According to MSNBC, Musk will follow up the $44 billion purchase by taking the company private. When the transaction finishes, stockholders will receive $54.20 in cash for each share.
“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 on Twitter. “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. Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”
“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” said Twitter board chair Bret Taylor. “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Before the final purchase, Musk received opposition in the form of a “poison pill,” an effort called the shareholder rights plan, which would stop Musk from being able to purchase more than 15 percent of the shares. That measure would be cast aside once Musk displayed $46.5 billion in funding collected by banks led by Morgan Stanley.
