Elon Musk buys Twitter for $44 billion

It’s official: Elon Musk can boast of being the owner of Twitter, the social network that he uses so much and that on occasion has gotten him into trouble and even caused headaches with his own companies. Just this morning we were telling you how close the deal was, after the second meeting in 48 hours that Musk and the Twitter board were holding. And it seems that the price has been correct. A billionaire price that makes this acquisition one of the financial operations of 2022.

Elon Musk, owner of Twitter

According to the New York TimesTwitter’s 11-member board of directors, met with Musk to discuss his offer to buy the social network and take it private. An offer of, attention, 46,500 million dollars in financing “according to sources on condition of anonymity not authorized to discuss confidential information“. The two sides were discussing details, including a timeline for closing any potential deal and fees. that would be paid if a deal was signed and then fell apart, they said.

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Obtaining commitments for the financing was a turning point for how the board viewed Musk’s offer of $54.20 per share, prompting the company’s 11 board members to seriously consider his offer, according to sources.

And the offer has already been accepted, so Musk is already the majority shareholder and owner of one of the world’s leading social networks. And in fact, along with Facebook, one of the oldest, since Twitter has been active since 2006, almost 20 years.

$43 billion

All those zeros, 43 billion dollars, more than 40 billion euros, is what the acquisition of Twitter has cost. A crazy price according to the Wall Street Journal, the largest part -33.5 billion- is provided by Musk himselfwith 21,000 million in capital and 12,500 million in loans backed by its own shares of Tesla.

Market pundits are speculating that to get With these 21,000 million, the tycoon will be forced to sell a part of his Tesla shares, which represent 16% of the share capital. Another option considered is to enter into an agreement with a large venture capital fund that provides the necessary money.

After taking 10% of the shares a month ago, and launching a takeover bid two weeks ago, Musk has gone straight to the point and put money + conditions on the table. The richest man in the world is also clear about what to do with the social network, since in early April he announced that if he bought Twitter, his plans were to scrap the current (and clearly insufficient) content moderation policiess and transform the listed company into a private company.

Musk’s new policy: privatize Twitter

Yes, he said it: Musk intended to take Twitter private. And after buying it, it is sure that he will do it as soon as he can. What does this raise? Well, the current Twitter employees are wondering, since according to the New York TimesThey are frustrated that they weren’t hearing much from their management about what was going on with the takeover fight and what it meant to them.

According to 11 Twitter employees who asked not to be named because they were not authorized to speak publicly, some expressed their frustrations over the continued silence on Twitter Monday morning, while others commiserated in private chats. The employees said that they were concerned that Mr. Musk would undo the years of work they have put into cleaning up the toxic corners of the platform, that he jeopardized compensation for his actions in the company’s privatization process; and that he disrupted Twitter’s culture with his unpredictable management style and gruff proclamations.

But Musk also has a following among the Twitter grassroots, and some employees have embraced his offer. In an internal Slack message seen by The New York Times asking if employees were excited about Mr. Musk, about 10 people responded with a “Yes” emoji.