Eventually, Twitter’s board is set to accept a buyout offer from Elon Musk, the world’s richest man.
If you have not followed the soap opera, we summarize it for you. After acquiring just under 10% of Twitter shares and turning down a position on the board, Elon Musk offered to buy 100% of Twitter shares. ” Twitter has extraordinary potential. I will unlock it “, Elon Musk seeks to take full control of Twitter by paying more than 43 billion dollars. Twitter’s board of directors started out by blocking Elon Musk by carrying out a strategy known in the business sector as the “poison pill”. Eventually, they changed their minds.
The offer will probably be accepted.
Latest twist to date, Twitter is about to complete the sale to Elon Musk for approximately $ 43 billion in cash. According to Reuters, Twitter could announce the deal at $54.20 per share on Monday, April 25, or more than $43 billion in valuation, once its board meets. Note that it is always possible for the deal to fall through at the last minute.
As a reminder, Elon Musk has a clear and ambitious project for Twitter, he mentions it in a text published earlier in April 2022:
I invested in Twitter because I believe in its potential to be the platform for free speech worldwide, and I believe that free speech is a societal imperative for a functioning democracy. However, since making my investment, I now realize that the business will not thrive or serve this imperative in its current form. Twitter needs to be turned into an unlisted company. Accordingly, I am offering to buy 100% of Twitter for $54.20 per share in cash, a premium of 54% to the share price (…) My offer is my best and last offer and if not is not accepted, I will have to reconsider my position as a shareholder.
Forbes unveiled, earlier this month, the ranking of the 10 richest people in the world. Elon Musk is amassing the biggest fortune of all time, well over the $200 billion mark. He is followed by Jeff Bezos and the Frenchman Bernard Arnault.
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