Elon Musk acquires Twitter for $44 billion

The chaotic businessman everyone loves to hate actually pulls it off, what happens next is anyone’s guess

Kostas Farkonas
Turn On | Press Play

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It’s been a rollercoaster of a month at Twitter HQ, that much is certain, but the world’s most influential social platform now officially belongs to Tesla’s and SpaceX’s CEO Elon Musk. (Image: Brett Jordan, Unsplash)

After more than a month of what now seems like a risky chess game or a negotiation as unpredictable and chaotic as this man’s mind — as per usual, one can’t easily tell which was which — Elon Musk is buying Twitter for $44 billion. The company’s board met during the weekend to reconsider Musk’s offer (it had initially instituted a “poison pill” measure in order to block a hostile takeover) after the entrepreneur made his plan on funding the deal public on Thursday.

Musk offered $54.20 per share, the same price discussed when he initially proposed to buy Twitter back on April 15th, which is higher but not that much higher than the company’s stock closing stock price on Friday — suggesting that shareholders did not really believe that Twitter’s board would accept Musk’s deal after all. What happened between Friday afternoon and Monday morning is not clear (chances are we will never know) but the board managed to agree with Musk on the details of the deal in time for Twitter’s earnings report for the quarter. A clearer message of the service “turning a page” through this buyout no Twitter shareholder could have asked for.

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Kostas Farkonas
Turn On | Press Play

Veteran journalist, project kickstarter, tech nut, cynical gamer, music addict, movie maniac | Medium top writer in Television, Movies, Gaming | farkonas.com