💥BOOM!💥
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.
Hope to see some cupcakes hitting the unemployment line, soon.
liberal heads are exploding!
off to tic tok..
Goodbye Parag! Don’t let the door hit you in the butt on the way out!
You go Elon...I won’t be driving one your cars, but I appreciate your apparent grasp on free speech.
💥BOOM!💥
I t was either that, or get their assess sued.
Oh yeah, that’s the best part about this. Libs going bizerk like off the deep end type crazy talk. It’s so great.
Amazing! He did it.
“enhancing the product with new features” — yeah, New Feature #1 better be Freedom of Speech! And somehow make New Feature #2 expulsion of all Woke crapola.
Not sure how you can make Feature #2 compatible with Feature #1, though.
Wonder what putting Trump on the board would do for the left?
LOL
I wonder what mark cuban thinks *not!*
Wow. this is going to be interesting going forward in so many ways. I hope he shines a very bright and wide light on the media and social platforms in this country and just how partisan they has become and how they are really just political activists for the left.
If this can shifts just a few percentages of the swing voters to scrutinize the lefts messaging, this it can be momentous.
I hope he stays true to freedom of thought and the previous politically biased algorithms are shown to the country and just how treacherous they are.
well it would make trumps media site kinda mute.
Twitter reportedly oked the deal to sell itself to Elon Musk!
(CNN)Twitter is said to be nearing a deal to sell itself to Elon Musk, according to The New York Times and other outlets, 11 days after the Tesla and SpaceX CEO shocked the industry by offering to buy the company in a deal valuing it at more than $41 billion.
A deal could be finalized as soon as Monday, according to the Wall Street Journal. Twitter declined to comment on the reports.
Reports that a deal is imminent come after Musk revealed last week he had lined up $46.5 billion in financing to acquire the company. Twitter’s board met Sunday to evaluate Musk’s offer to buy all the shares of the company he does not currently own for $54.20 a piece, a source familiar with the deal confirmed to CNN. The source said that discussions about Musk’s bid have turned serious.
The potential sale agreement caps off a whirlwind news cycle that began less than a month ago, when Musk revealed he had taken a more than 9% stake in the company and ramped up calls for changes to the social media platform.
Excerpted: https://www.cnn.com/2022/04/25/tech/elon-musk-twitter-sale-agreement/index.html
https://rumble.com/v10y8lb-liberals-reaction-if-elon-musk-buys-twitter.html
Oooh. I'm off to start a rumor. Be right back...
Never had a Twitter account. Even have the domain blocked on our router. Maybe now’s the time to re-think this?
Twitter reportedly oked the deal to sell itself to Elon Musk!
(CNN)Twitter is said to be nearing a deal to sell itself to Elon Musk, according to The New York Times and other outlets, 11 days after the Tesla and SpaceX CEO shocked the industry by offering to buy the company in a deal valuing it at more than $41 billion.
A deal could be finalized as soon as Monday, according to the Wall Street Journal. Twitter declined to comment on the reports.
Reports that a deal is imminent come after Musk revealed last week he had lined up $46.5 billion in financing to acquire the company. Twitter’s board met Sunday to evaluate Musk’s offer to buy all the shares of the company he does not currently own for $54.20 a piece, a source familiar with the deal confirmed to CNN. The source said that discussions about Musk’s bid have turned serious.
The potential sale agreement caps off a whirlwind news cycle that began less than a month ago, when Musk revealed he had taken a more than 9% stake in the company and ramped up calls for changes to the social media platform.
Excerpted: https://www.cnn.com/2022/04/25/tech/elon-musk-twitter-sale-agreement/index.html
https://rumble.com/v10y8lb-liberals-reaction-if-elon-musk-buys-twitter.html
This has been quite something to watch
I am too cynical to believe this wasn’t approved by the powers that be. They allowed it. Maybe things have swung too far to the left.
Saw a pic of his mother from a recent event. Yes, it was probably airbrushed but she looks quite good for her age.
Now Deep State can step in and find a way to stymie the deal.
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