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It be official: Elon Musk lawful bought Twitter for $44 billion

Final week Elon Musk announced his instruct to utterly blueprint Twitter and consume it off the stock market, and before all the pieces it seemed enjoy the corporate would civilly (or now now not so civilly) decline. However, a few days later it looks as it did some extra pondering and on the present time it officially announced that it be accepting Musk’s instruct.

This means that Twitter has now “entered into a definitive agreement to be received by an entity wholly owned by Elon Musk”, in conserving with the corporate’s press birth. The price is $54.20 per share in money (which blueprint now now not shares in SEC-discuss, and now now not proper money, by the capability). Thus the total price of the transaction is approximately $44 billion. Upon completion (which can per chance presumably consume months thanks to all of the regulatory scrutiny it be dash to encounter), Twitter will become a privately held company and ought to quiet now now not own its shares traded on any stock commerce.

It's official: Elon Musk just bought Twitter for $44 billion

This used to be Musk’s preliminary concept finally, and it looks to be like enjoy it be all coming collectively somewhat wisely for him. The price per stock he is paying represents a 38% top price over Twitter’s closing stock impress when its shares were closing traded.

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town sq. the place matters wanted to the capability forward for humanity are debated”, Musk stated. “I also wish to blueprint Twitter higher than ever by bettering the product with new functions, making the algorithms originate provide to spice up belief, defeating the junk mail bots, and authenticating all americans. Twitter has gigantic doable – I stumble on forward to working with the corporate and the neighborhood of customers to free up it”, he persisted.

Musk has secured $25.5 billion of “completely dedicated debt and margin mortgage financing” and is the usage of about $21 billion of his hold equity on high of that to finance the acquisition.

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