Elon Musk Buys Twitter for $44 Billion

Elon Musk has reached an agreement to buy Twitter for $54,20 a share.

The deal values ​​the social network at $44 billion. The payment to shareholders will be in cash and will result in the social network saying goodbye to Wall Street where it debuted in 2013. The operation will be conducted through a financial entity entirely controlled by the CEO of Tesla.

Twitter's board of directors has accepted a roughly $44 billion offer to sell the company to Musk, handing over control of the social media platform social media to the richest man in the world.

“Twitter’s board of directors conducted a thoughtful and comprehensive process to evaluate Elon’s proposal with a deliberate focus on value, certainty and financing,” he said Bret taylor, president of Twitter, in a statement.

“The proposed transaction will provide a substantial cash premium and we believe it is the best path forward for Twitter shareholders.” Twitter shareholders will receive $54,2 in cash for each common share. The purchase price represents a 38% premium to the company's closing price on April 1, the day before Musk announced he had reached a 9% stake in the company.