Andrew McMahon
The news broke earlier today, as PR Newswire reports that for Musk purchased the platform $54.20 per share in cash. Upon completion of the transaction, Twitter will become a privately traded platform, allowing it to make enhancements to the product without the oversight of investors, regulators, and others.
The purchase is made up of $25.5 billion of fully committed debt and margin loan financing that Musk secured, as well as an additional $21.0 billion of his own equity. There are no financing conditions to the closing of the transaction. The billionaire addressed the purchase by detailing his plans for the future,
This purchase price represents a 38% premium to Twitter’s closing stock price on Apr. 1, 2022, the last trading day before Mr. Musk disclosed his 9% stake in Twitter. For more information, be sure to check back to Twinfinite, as we’ll have plenty of updates as the story continues to unfold.
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