Elon Musk has finally secured an agreement to buy Twitter after spending the last several weeks battling the social media giant’s left-wing board over free speech issues.
In a Monday press release, the Twitter board announced an agreement with the Tesla CEO to sell 100 percent of the company at Musk’s original price of $54.20 per share.
According to PR Newswire:
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.”
Musk has been working to gobble up Twitter for weeks, but the company’s board of directors have been fighting Musk’s takeover.
But, after he proved that he could raise the money, the board seems to have reconsidered the sale.
Many conservatives have thrilled at Musk’s battle and are expectant over his claims of wanting to return the social media site to adhering to principles of free speech.
Still, conservatives should be wary. Elon Musk is not really a conservative and we may not fully agree with what he thinks is “free speech.”
Regardless, it has been a fight for the ages, for sure.
Musk is not yet in a position to buy the social media site. The board has agreed to the purchase, but the shareholders have to agree and so does the government. So, it isn’t a done deal, yet.Commentary constitution Elon Musk free speech media bias Twitter