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Elon Musk to buy Twitter Inc (NYSE: TWTR) at $54.20 per share in $44 billion deal

Twitter Inc (NYSE: TWTR) is selling to the world’s richest person, Elon Musk, for $44 billion on Monday, as first reported Reuters and soon after reported by many others. Deal talks, which began with Elon Musk’s acquisition of 9.2% of open-market Twitter and ended when Musk declined to join Twitter’s board. The talks, apparently after initially seeming iffy, accelerated over the weekend after Musk wooed Twitter shareholders with details of his bid’s funding.

According to Reuters, the company’s decision to engage with Musk, made earlier on Sunday, did not necessarily mean it would accept his offer of $54.20 per share, but it did mean that Twitter was considering whether a sale to Musk was possible. possible under favorable conditions. Reuters added that Twitter also had concerns about rolling out a poison pill position if major shareholders backed the bid. Currently, Vanguard, an American asset management company, is the largest shareholder with more than 10%. Since surpassing $80 per share on February 25, 2021, TWTR has lost well over half its value, hitting a low of $31.30 a year later on February 24, 2022. Since then, the Shares rose steadily first on Elon Musks’ open market purchases of 73.5 million shares. worth $2.9 billion, and then there was the Securities and Exchange Commission filing, in which Musk said he had received commitments for $46.5 billion in funding. Morgan Stanley, which is Twitter’s third-largest shareholder, led the funding commitments. Finally, TWTER moved over $50 before being discontinued on April 25, 2022 after Reuters reported that Elon Musk had reached an agreement to buy Twitter Inc (TWTR.N) for $44 billion at a proposed price of $54. .20 dollars per share.

Twitter Inc. (NYSE: TWTR) is a global platform for public expression and real-time conversation. According to the company’s recent 10k, “We’ve democratized content creation and distribution so people can consume, create, distribute and discover content about the topics and events that matter most to them.” Through topics, interests and trends, we help people find out what’s going on through text, images, on-demand and live video, and audio from people, content partners, media organizations, advertisers and others. Media, websites and other partners extend the reach of Twitter content by distributing Tweets beyond our app and website.

As of the second quarter of 2021, Twitter had 206 million monetizable daily active users worldwide. The most followed Twitter accounts include celebrities such as Katy Perry, Justin Bieber and former US President Barack Obama. In the United States, Twitter has 79 million users, followed by Japan with 9 million users.

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Twitter went public on the NYSE in November 2013, pricing its initial public offering at $26 per share. The stock debuted at 10:49 a.m. on November 7, 2013 and quickly hit a high of $50.09 – a 93% gain from the IPO price – before pulling back a bit to close the trading day at $44.90. Twitter raised about $1.8 billion from the sale of 70 million shares in its IPO, a disappointment compared to the $16 billion Facebook raised in its IPO. Twitter has come a long way since losing money in its early days; In 2021, Twitter generated more than US$4.5 billion in ad services revenue, up from US$3.2 billion the previous year. Additionally, the microblogging platform generated approximately US$571 million in data licensing revenue, up from US$508 million in 2020.

There is already speculation that Musk could move the company’s headquarters from San Francisco to Austin, Texas. With Twitter owned by Musk, industry analysts and Austin-area tech officials say it’s not a stretch to think he could move the company’s headquarters from San Francisco to the US. solitary state. Last year, Musk announced he was moving Tesla’s headquarters from California to Travis County, to the site of the automaker’s $1.1 billion manufacturing facility, which recently began construction. production. Musk also moved the headquarters of his tunnel and infrastructure construction company, the Boring Company, to central Texas.

Elon Musk is an entrepreneur, investor and business mogul. He is the founder, CEO and chief engineer of SpaceX; He also owns Twitter; startup investor, CEO and product architect of Tesla, Inc.; founder of The Boring Company; and co-founder of Neuralink and OpenAI. With an estimated net worth of around US$273 billion as of April 2022, Musk is the richest person in the world according to the Bloomberg Billionaires Index and the Forbes Real-Time Billionaires List.

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Elon Musk shocked the word with his controversial acquisition of Twitter which will now go private at $54.20 per share. Between February 25, 2021 and February 24, 2022, Twitter lost more than half of its value, hitting a low of $31.30 per share. The platform had been criticized for its DE (banning) platform of many large accounts, some with millions of followers. Elon Musk has long advocated for a different kind of twitter, tweeting a post on March 25 stating, “Free speech is essential to the functioning of a democracy. Do you believe that Twitter strictly adheres to this principle? according to the survey, 70.4% of respondents answered no. It remains to be seen what changes Mr. Musk will make to Twitter now that he owns everything; Number 45 has already come out and said he won’t join Twitter even if Elon Musk asks him too. In any case, the next few weeks should be very interesting for twitter and now that Elon Musk owns it, we wish good luck to Twitter and to Mr. Musk. We’ll update on Twitter when more details emerge, so make sure you’re subscribed to Microcapdaily so you know what’s going on with Twitter.

Disclosure: We have no position in TWTR long or short and we have not been compensated for this article.