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.
Musk is exploring — among other things — neuroelectronic means of enabling people with neural damage to regain lost abilities; like feeding themselves, and walking.
He’s also exploring means of more rapidly sending messages via devices; like maybe instead of thumbing a tiny keyboard, or having to talk aloud, you could think, though I believe that may be nearly impossible to achieve.
The motivator, here, is to enable humans to survive the possible rise of a self-aware AI. At the speeds microchips operate, it might not be capable of identifying that such slow-paced life forms as humans even exist alongside it.
Still, in stark contrast to your hand-wringing, Musk isn’t going to be out campaigning Fauci-like to mandate at the point of Federal Government that everyone get one of whatever it is he creates.
The time line may be off and I may be wrong but all this might relate back to the Babylon Bee having a nice interview with Elon a while ago. Then boom twitter boots the Bee off because of the Man of the Year award given to Rachel Levine piece they did. They refuse to retract so they’ve been off twitter. Musk thinks this isn’t right so being the richest guy around decides to buy them out to correct this injustice.
LOL, be careful tonight…
🤠👍
LOL!
That poor...woman?
I’d lose it if I became a derisive meme.
You replied to the wrong person. That was the message in the cartoon I posted. :-)
This is too perfect… Lol
I hope that, in addition to making Twitter a bastion of free speech, Elon makes hundreds of billions of dollars of profit off of it.
Thank you.
Cuban was strangely behind Musk on this, believe it or not.
I’m still not subscribing to them. They’re still boring and tedious and stupid. When it gets to google play, I may join Truth Social, but just as a virtue signal.
...”authenticating all humans...”
YOU DON’T SAY!?!
Maybe like this?
“Nigeria Blocks 73 MILLION Smart Phones For No Digital ID”
https://www.ournewearthnews.com/2022/04/25/73-million-smart-phones-blocked-for-people-with-no-digital-id-non-registration/
...and we know how good moderators work!
Where are all the “T” keys??
Proverbs 11:14 kjv
Where no counsel is, the people fall:
But in the multitude of counsellers there is safety.
Proverbs 15:22 (KJV)
“Without counsel purposes are disappointed: but in the multitude of counselors they are established”.
Proverbs 24:6 (ESV)
..for by wise guidance you can wage your war, and in abundance of counselors there is victory.
Apple ‘helped’ me by removing my well-functioning apps to the cloud.
Then I could NOT get them back because they had been upgraded and would not run on my old operating system.
Bastards told me I needed to buy a newer phone!
After Elon takes over, I predict, some Twitter “heads are gonna roll...”
https://www.youtube.com/watch?v=IJT-K8p8ufI
Will that be more efficient than the Lib way of just implanting ideas into your brain?
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