Twitter board accepts Musk bid, company to go private after sale | #cybersecurity | #cyberattack


Tesla chief executive Elon Musk is the new owner of Twitter after his offer to buy the company for US$54.20 (A$75.55) a share made on 14 April was unanimously approved by the board on Monday.

The transaction values the company at about US$44 billion (A$61.3 billion) and Twitter will become a private company once the deal is completed.

In a statement, the company said the sale price was a 38% premium on Twitter’s closing stock price on 1 April, the last trading day before Musk disclosed he had bought a 9.2% stake in Twitter. The filing came to light on 4 April, but the shares were bought on 14 March.

Musk said: “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.




“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans.”

Twitter chief executive Parag Agrawal said in a tweet: “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 statement said the transaction was expected to close in 2022.

It added that Musk had secured US$25.5 billion of fully committed debt and margin loan financing and was providing an approximately US$21.0 billion equity commitment. No financing conditions had been laid down for closing the transaction.

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