SpaceX and Tesla CEO Elon Musk (pictured) achieved a brazen $44 billion deal to acquire Twitter after completing negotiations with the social media company’s board of directors today (25 April).
Twitter shareholders will receive $54.20 in cash for each share of common stock owned.
Musk previously stated the price was his “best and final” offer.
The sum represents a 38 per cent premium to Twitter’s closing stock price on 1 April, which was the last trading day before Musk disclosed a 9.2 per cent stake.
Musk’s move was unanimously approved by Twitter’s board of directors with the deal is expected to complete this year after clearing customary closing conditions and gaining shareholder approval.
In typical style, it didn’t take long for Musk to tweet his reaction to the news.
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
Musk earlier hinted his takeover bid had been successful in a post expressing hope “even my worst critics remain on Twitter, because that is what free speech means”.
He secured $25.5 billion of fully-committed debt and margin loan financing for the acquisition and is providing around $21.0 billion in equity.