Twitter Accepts Elon Musk’s $44B Buyout; Elon Becomes Sole Owner

Aaryamann Shrivastava
2 min read
0

Key Insights:

  • Twitter sold the platform to Elon Musk for $44 billion.

  • The shareholders will receive $54.20 for each share they hold, marking a 38% premium.

  • Dogecoin, on the back of the update, has rallied by 25.8%

Officially confirming the news, Twitter announced in a press release today that the social media company has accepted Elon Musk’s offer and sold the platform to him for $44 billion in cash.

This marks one of the most significant moments in Twitter’s history where its shareholders each received at least 38% profit from their holdings after gaining no net profit year-over-year.

Twitter SOLD to Elon Musk!

As per the release, the definitive agreement will now turn Twitter back into a privately held company making Elon Musk and whole and sole owner of the company.

Twitter announced that as per the terms of the agreement, each shareholder of the TWTR stock would be receiving $54.2 for each stock they hold.

This is a 38% premium from the price Twitter was trading at on April 1, the last trading day before Elon announced his 9% stake in the company.

Elon’s dedication to free speech reached its last leg when he laid down the $44 billion bid to buy the whole company. This came after he was unable to make any definite change to Twitter’s policy as a stakeholder and member of the board.

While apprehensions first arose, Twitter finally accepted the offer after facing pressure from shareholders.

Commenting on this sale, the new owner of Twitter, Elon 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 has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

The deal, which will be closed soon, comes with no particular terms and conditions, and further details pertaining to the company’s functioning are yet to be announced.

Dogecoin Parties With Musk

As the DOGEfather became the owner of Twitter, his greatest influence in the crypto space, DOGE joined the frenzy too and rallied by a whopping 23.65% within the last 24 hours.

As reported by FXEmpire, earlier today, Elon was having a discussion about Dogecoin’s future with the founder of the meme coin, Billy Markus, aka Shibetoshi Nakamoto, which also contributed to the rise.

However, now that Twitter is in the hands of Musk himself, sooner or later, Dogecoin will be seeing more bullishness than it has ever observed before.

This article was originally posted on FX Empire

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