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Tesla's CEO Buys Twitter For $44 Billion.
Elon Musk finally caught the elusive Twitter bird for $44 billion. The company's board decided to give in to his takeover bid with his "best and final" offer.
Twitter announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Musk for $54.20 per share in cash in a transaction valued at nearly $44 billion.
As a result of the transaction, Twitter will become a privately held company. Twitter's closing stock price on April 1 represented a 38% premium to the purchase price just before Musk disclosed his nearly 9% stake in the company.
Parag Agrawal, Twitter's CEO, added that the company "has a purpose and relevance that impacts the whole world."
Musk has secured $25.5 billion in debt and margin loan financing and has committed nearly $21 billion in equity financing. With this, the world's richest man got hold of one of the most powerful social media platforms.
Musk had promised "significant improvements to Twitter in coming months".
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