Twitter’s shares rise about 6 per cent following the news of Elon Musk clinching a deal to buy Twitter Inc for $44-billion
for $44 billion cash on Monday in a transaction that will shift control of the social media platform populated by millions of users and global leaders to the world’s richest person.
Under pressure, Twitter started negotiating with Musk to buy the company at the proposed $54.20 per share price. “I think if the company were given enough time to transform, we would have made substantially more than what Musk is currently offering,” said Jonathan Boyar, managing director at Boyar Value Group, which holds a stake in Twitter.
Daniel Ives, an analyst at Wedbush, said the company’s board of directors had its back “against the wall” once Musk detailed his financing package and no other bidders or white knights emerged.
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