Twitter officially accepts Elon Musk’s buyout offer, internet erupts

Twitter has announced that it has entered a “definitive agreement” to be acquired by SpaceX and Tesla CEO Elon Musk.

Twitter officially accepts Elon Musk's buyout offer, internet erupts 02 |

After facing pressure from shareholders to reconsider Musk’s offer of $46.5 billion to purchase Twitter, the company has rolled out a new press release that states the Twitter board has accepted Musk’s offer to buy out the company at $54.20 a share.

In an effort to stop Musk’s hostile takeover of Twitter the board of directors unanimously decided to take a “poison pill” that allows existing shareholders to purchase Twitter stock at a discount price, in an effort to dilute the holdings of any new investors and thwart Musk’s attempt at securing a deal.

The press release states that Musk’s purchase at $54.20 a share is a 38% premium on Twitter’s closing stock price on April 1, 2022, which was the last day before Musk revealed that he owned an approximate 9% state in Twitter.

Read more: Elon Musk confirms the leaked text messages with Bill Gates are real

The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders,” said Bret Taylor, Twitter’s Independent Board Chair.

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

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Jak Connor

Jak Connor

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak’s love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.


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