Elon Musk clinches deal to buy Twitter for US$44 billion
It is a seminal moment for the 16-year-old company that emerged as one of the world’s most influential public squares and now faces a string of challenges.
Under pressure, Twitter started negotiating with Musk to buy the company at the proposed US$54.20 per share price. Shares were up about six per cent following the news. The deal represents a near 40 per cent premium to the closing price the day before Musk disclosed he had bought a more than nine per cent stake. Even so, the offer is below the US$70 range where Twitter was trading last year.Article contentIn a prepared statement the company said Musk secured US$25.5 billion of debt and margin loan financing and is providing a US$21 billion equity commitment.
After Twitter banned former President Donald Trump over concerns around incitement of violence following last year’s U.S. Capitol attack by his supporters, Musk tweeted: “A lot of people are going to be super unhappy with West Coast high tech as the de facto arbiter of free speech.”
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