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Elon Musk, the new owner of Twitter | AbuzWeb - #1 Web Services Agency, based in Benin, Africa and Colorado, USA
  • 2022-04-26 17:28
  • By AbuzWeb

Elon Musk, the new owner of Twitter

The Twitter board of directors announced on April 25, 2022 that it had accepted an offer from billionaire Elon Musk. The latter has offered to buy the social media company and take it private, the company announced on Monday. Under the terms of the agreement, Twitter shareholders will receive $54.20 for each share of Twitter common stock they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter's closing price on April 1, 2022, which was the last trading day before Musk disclosed his roughly 9% stake in Twitter.

Bret Taylor, Independent Chairman of Twitter's Board, said, "Twitter's Board conducted a thoughtful process and comprehensive to assess Elon's proposition with a deliberate focus on value, certainty and funding. The proposed transaction will offer a substantial cash reward, and we believe it is the best way forward for Twitter shareholders.”

Parag Agrawal, CEO of Twitter, said, “Twitter has purpose and relevance that impacts the world. Deeply proud of our teams and inspired by the work that has never been more important”.

"Free speech is the foundation of a functioning democracy, and Twitter is the digital public square where issues vital to the future of humanity are debated," said Musk. “I also want to make Twitter better than ever by enhancing the product with new features, making algorithms open source to increase trust, defeating spambots, and authenticating all humans. Twitter has enormous potential – I look forward to working with the company and the user community to unlock it.”

Source: Developpez
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