The world’s richest man now owns Twitter
Elon Musk, who has a net worth of 297 billion dollars, has bought Twitter. The billionaire has purchased all of Twitter’s shares at $54.20, which adds up to 44 billion dollars. With this takeover, Twitter shareholders will receive $54.20 in cash for each share they own upon the deal’s closing.
“The Twitter board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. As a result, the proposed transaction will deliver a substantial cash premium. We believe it is the best path forward for Twitter’s stockholders,” said Bret Taylor–Twitter’s independent board chair.
“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,” said Twitter CEO Parag Agrawal.
The transaction is approved by Twitter’s board of directors and is expected to close sometime in 2022 but is still subject to approval from Twitter’s stockholders.
Mr. Musk has secured $25.5 billion of fully committed debt. In addition, he is also providing $21 billion in equity commitment.
(the information in this article is sourced from the Twitter Inc website.)