To the weekslong speculation, Twitter put a full stop to the question and the board has accepted an offer from Elon Musk. The Tesla Boss buys the popular social media platform “Twitter” for $44 billion in cash.
According to the release in the press it has been coming out that on the completion of the deal the 16-year-old Twitter would become a private entity. On this Elon musk stated that “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 been discussed.”
The world’s richest person Elon musk buys Twitter and acquired the whole organization for $ 54.20 per share in a cash transaction which values $ 44 billion approximately.
Anonymously the transaction was approved by the directors. It was been expected that the deal will be closed this year subject to the approval of the stockholders of Twitter, the receipt as well as the applicable regulatory approvals and the satisfaction conditions of another customary closing.
As the third-largest tech acquisition in history Musk’s takeover the Twitter. Mr Musk outlined the $13 billion last week in the bank financing which is secured by the social media organisations and the coming to the part of $12.5 billion backed by a pledge of his Tesla. Musk will provide $21 billion approximately committed by its equity as recorded in the agreement. All the eyes of the globe are into how the Tesla Boss is going to arrange the finance.
Here the biggest question lies and the nations are eagerly waiting for who will run the show whether it will be the current management or the celebrity CEO himself? The announcement will soon be released by the organisation quoted by both the CEO Parag Agarwal and the chairman Bret Taylor and as of now, they’re continuing their roles. Musk has tweeted and showed his dissatisfaction when he said that he has time and is dissatisfied with the management of the organisation. In the proposal to buy twitter the Tesla Boss has mentioned that he’s not playing the back and forth game and he has moved straight to the end.
As Elon is tied up in both the CEO of Tesla as well as Space X so he is not likely to take up another hand in the role of leadership.
As per the report, the current CEO of Twitter Parag Agarwal would get $42 million as estimated. Within 12 months if he’s terminated of a change in control of the social media platform company.