Tesla's CEO-Elon Musk reached a definitive agreement with Twitter's board of directors on Monday to buy the social media platform for $54.20 per share. Before Musk's intention to buy Twitter, he accepted Twitter's invitation to join its board. In response to Musk's takeover proposal, Twitter's board announced the launch of a “poison pill” that would allow shareholders to buy additional stock in the event of a hostile takeover. But then on April 25, Twitter announced that it had accepted Musk's offer.
Musk, one of the world's richest man, now owns Twitter, announcing his acquisition of the platform less than two weeks ago despite opposition from Twitter's board of directors during the acquisition process. Musk finalized the financial arrangements involving the acquisition last week, expediting discussions between Twitter's board of directors and Musk. Twitter went public in 2013, and Musk was successfully privatized, and Twitter will end its status as a public company. Shares of Twitter are currently trading around $48.6.
Musk is a Twitter giant with more than 80 million followers. He claimed that Twitter was not exercising freedom of speech and therefore offered to take over.
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