Tech billionaire Elon Musk could soon be taking over Twitter… And taking it private in the process.
On Monday, reports broke that Twitter accepted Elon's $44 billion offer.
Prior to this development, Musk purchased a 9.2% stake in the social media giant. Shortly after, the tech billionaire was offered a board seat, which he declined to accept.
In a letter to Twitter’s Chairman Bret Taylor, he noted that a full purchase would better benefit the company, as it would have greater potential to become a platform for “free speech around the globe.”
Had Musk accepted the board seat, he would have been limited to owning 14.9% of its shares. And now we can see he had bigger ideas than just a seat in a conference room…
If this deal comes out the other side of the regulatory process approved, Musk will purchase at about a 38% premium. And it will give Musk even more power to influence Twitter’s broader business decisions.
The deal Elon agreed will hand current shareholders $54.20/share. Not a bad haul for a stock that's struggled since late 2020.
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