Elon Musk to buy Twitter for $44 billion
Elon Musk's buyout offer, it said Monday afternoon.
- Musk will pay $54.20 per share or about $44 billion in total.
Twitter has accepted Elon Musk's offer to buy the company, it announced Monday — a dramatic coup for the billionaire as he seeks to unlock the social network's "extraordinary potential."
Musk will pay $54.20 per share for Twitter, matching his original offer, totaling $44 billion. When the deal is complete, Twitter will become a privately held company once again.
Twitter's board initially resisted Musk's attempt to buy the company.
It put up a "poison pill" defense to block attempts at a hostile
In announcing his
At $54.20 per share, Musk will pay a "38% premium over Twitter's closing stock price on April 1, 2022," according to the terms of the deal. Twitter hasn't traded above that price since November 2021.
After Musk disclosed a 9% stake in Twitter in early April, Twitter's stock price leapt from around $40 per share to as high as over $50 per share. Shares surged another 6% Monday, to above $52.
The deal is expected to close in 2022, pending approval by shareholders and other regulatory hurdles, Twitter said.
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