Twitter today agreed to q be bought out by Elon Musk for $44 billion or $54.20 a share in cash. Musk, in a statement, reiterated his support for free speech and mentioned some of the changes that he wants to bring to the site. “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.”
Twitter agrees to be purchased by Elon Mudk for $54.20 per share in cash
Twitter’s stock price closed on Monday at $51.70, up $2.77 or 5.66%. Each Twitter stockholder will receive $54.20 in cash as Twitter becomes a private company. Twitter CEO Parag Agarwal stated today, “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.”
The transaction is expected to close sometime this year and stockholders will get to vote on the deal. To finance the purchase of Twitter, Musk arranged $25.5 billion in debt and margin loan financing. He is adding $21 billion in equity financing.
Over the years Twitter has been available over several different mobile platforms including iOS, iPadOS Android, Windows 10, Windows Phone, BlackBerry, and Nokia S40.