Twitter announced on Monday that Tesla and SpaceX founder Elon Musk has agreed to acquire the company for $44 billion or $54.20 per share in cash.
Twitter shareholders will receive $54.20 for each share they own. "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," Twitter's Independent Board Chair Bret Taylor stated.
Following the completion of the transaction, which is expected this year, Twitter will become a private-held company. The deal is subject to regulatory and shareholder approval.
Twitter's board of directors initially refused to sell to Musk, but after estimating its value and conducting talks with the billionaire it changed its mind.
