Finally, Elon Can Purchase Twitter.

After a long week of chaos surrounding one of the most controversial buyouts of the decade, finally, Twitter Inc. has accepted Elon Musk’s deal. Elon’s offer of buying Twitter for $54.2 per share has gone through following a press statement made today by the company. 

In the statement, the company stated that it had come to a definitive agreement to sell the company wholly to Elon at an estimated cost of $44 billion that is to be paid in cash valuing every share at $54.20. They also approved Elon’s request of taking the company private.

Bret Taylor, Twitter’s Independent Board Chair, said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

Twitter’s CEO Mr. Parag Agrawal, stated that he also has accepted the terms of the agreement and he determined to drive the company forward. “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,” said Elon. “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 spambots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it” Elon added.

How’s Elon going to buy Twitter?

Last week Musk laid out his plan for buying Twitter in a filing to the SEC(Securities and  Exchange Commission). The amount estimated to be about $44 billion is funded in two ways, first is through a bank loan from Morgan Stanley Senior Funding, they are to loan Musk a total of $25.5 billion, and the rest, an estimated $21 billion Musk is to cover alone. There are reports that the money will come from tesla shares as we had mentioned previously. A majority of his wealth is in Tesla not forgetting that he already owns 9%  of the company which he purchased recently and later refused to join the board. 

What do the critics say about the acquisition of Twitter?

As of writing, this article Twitter’s trending section is already burning with harsh topics e.g “#black Twitter”. With so many mixed reactions, some claiming the end of free speech, some stating that he will now cover his tracks. Elon has before, gotten in trouble with some tweets he posted on the platform. We have seen so many users of the platform commenting on the CEO Mr. Parag Agrawal that are now living the platform.

When will the Twitter deal be done?

It is expected to be completed before the end of the year 2022. we’ll have to sit tight and wait for the outcome now, Musk has said he’s going to transform the company, fingers crossed hope it will be for the better.