Posted on 04/25/2022 1:00:49 PM PDT by Red Badger
* Twitter’s board accepted billionaire Elon Musk’s offer to buy the social media company and take it private, the company confirmed.
* The announcement ends a weeks-long saga Musk kicked off when he offered to buy the company at $54.20 per share, his “best and final.”
* Twitter’s board sought to fend off a hostile takeover by adopting a so-called poison pill.
In this article
TWTR +2.83 (+5.77%)
WATCH NOW VIDEO03:05
Board approves Twitter sale to Elon Musk for approx. $44B Twitter’s board has accepted an offer from billionaire Elon Musk to buy the social media company and take it private, the company announced Monday.
The stock was halted for the news but was up more than 6% once it resumed trading.
“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 included in the press release announcing the $44 billion deal. “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.”
Here’s the full announcement from Twitter:
“Twitter, Inc. (NYSE: TWTR) today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.
Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.
Bret Taylor, Twitter’s Independent Board Chair, said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Parag Agrawal, Twitter’s CEO, said, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”
“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,” said Mr. Musk. “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.”
Transaction Terms and Financing
The transaction, which has been unanimously approved by the Twitter Board of Directors, is expected to close in 2022, subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals and the satisfaction of other customary closing conditions.
Mr. Musk has secured $25.5 billion of fully committed debt and margin loan financing and is providing an approximately $21.0 billion equity commitment. There are no financing conditions to the closing of the transaction.
For further information regarding all terms and conditions contained in the definitive transaction agreement, please see Twitter’s Current Report on Form 8-K, which will be filed in connection with the transaction.
First Quarter 2022 Earnings Results
Twitter plans to release its first quarter fiscal year 2022 results before market open on April 28, 2022. In light of the pending transaction announced today, Twitter will not hold a corresponding conference call.
Advisors
Goldman Sachs & Co. LLC, J.P. Morgan, and Allen & Co. are serving as financial advisors to Twitter, and Wilson Sonsini Goodrich & Rosati, Professional Corporation and Simpson Thacher & Bartlett LLP are serving as legal counsel. Morgan Stanley is acting as lead financial advisor to Mr. Musk. BofA Securities and Barclays are also acting as financial advisors. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.”
This story is developing. Check back for updates.
They have to release their 1st quarter financials on April 28th and I bet those are in the portapotty. Which means their poison pill didn’t work and the board of directors were informed of the potential for personal liability for breach of fiduciary duty.
Musk played them and the situation very well.
Hybrids are suited to the current state of the technology.
Vehicles that are electric only will someday be the best choice.
Combustion—>Hybrid—>all electric
Everything Musk does is aimed at his ultimate long-range goal of Mars colonization.
For that, he needs innovative human capital which requires free and open debate and exchange of information and ideas, worldwide and without government censorship.
Twitter/Starlink is the platform he plans to build on. It will also evolve into interplanetary communications.
You can bet that if he had owned Twitter before the pandemic, dissident Chinese Drs and scientists would have let us know in real-time what really happened in Wuhan.
All of Musk’s companies are about creating and perfecting the tech that will be needed for Mars. Even NeuralLink is about Mars. The initial terraforming steps will be done by robots supervised by neuralinked humans on earth long before the first humans step foot there.
That’s my theory, and I’m sticking to it.
I doubt seriously we’ll ever colonize Mars. It’s a world that used to have lots of water. Then somehow they lost the protective magnetosphere and you’ve got Mars.
Probably colonize the Moon in order to make space travel super cheap.
Musk ain’t friends with Gates or Bezos
Hes a contrarian as opposed to those 2
I’d deal with him before either of the others you mentioned
i didn’t say he was friends with either two. I was giving examples of worlds richest men.
Btw, Gates has a big short on TSLA
Yeah they are not friendly with each other
All iwas saying is i’d prefer dealing with musk over any of theothers, hes not as shady or one worlder schemey
Yeah, here comes the 9th circuit court to the rescue.
Or a local democrat magistrate...
That was awesome!
Is she gaining weight?
Crazy eyeliner job.
Musta had Whitmer’s makeup artist pinch hit.
” A MUTE POINT “
Dad Gum It. How many times to I have to tell you, it is a “MOOT” point. Not “MUTE”.
MOOT.
MOOT.
Like Young Biff telling Old Biff “Hey old man why don’t you make like a tree and get outta here”, and Old Biff yelling at younger Biff, “It’s ‘make like a tree and leave’”. You sound like an idiot.”
That was fast
Tucker Carlson
@TuckerCarlson
We’re back.
6:00 PM · Apr 25, 2022·Twitter Web App
Actually Elon and Jack are friends. I think this all happened because the Twitter board is out of control. The final straw was banning the Babylon Bee for humor the board didn't find funny. Only an immature child mind would do such a thing on an international platform like this. Can't take a joke? Get out of the deep end of the pool. The gene pool. Fully dysfunctional board who are way overpaid.
#MuskTrumpsHate
No fluids (except window washing fluid), brake pads are only applicable from ~3mph to zero, so brake wear is neglible.
Tesla battery coolant and a radiator:
https://enrg.io/how-to-flush-the-coolant-on-a-tesla/
https://www.partsgeek.com/n26cp39-tesla-x-coolant-antifreeze.html
Not what they’re talking about. There’s suspicion that a *lot* of the Twitter account numbers used to justify actions of other companies and individuals (”But there’s thousands of people on Twitter telling us to cancel someone/something!”) are not actually human account holders. They are either alt/sockpuppet accounts (one person controlling multiple accounts) or just full on bot accounts (computer controlled accounts with no human behind them). Several networks of bots and alt accounts have already been uncovered and the thought is that huge numbers of these accounts all spewing roughly the same thing may not be humans at all. Hence the need to authenticate that the accounts are backed by people.
Someone posted an example of what I just mentioned up at post 119.
“Three scoops?!? You think you’re better than Trump! :)”
NO WAY!!!
The meltdown of the twatterati just has me giddy as a love sick school boy. The last time I felt THIS good my wife delivered twins nine months later.
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