Elon Musk, the world’s richest man, agreed to acquire Twitter for $44 billion on Monday. This will be the biggest takeover in the history of mankind.
There is really something about Elon Musk.
Musk originally offered to buy Twitter for $54.20 per share on April 14th. The offer followed Musk’s disclosure of acquiring a 9.2 percent stake a move that made him Twitter’s largest individual shareholder at the time.
Following his recent acceptance, Musk took to twitter to write,
” I hope that even my worst critics remain on twitter because that is what free speech means.
In a statement included with the release, Musk said,
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.
“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans.”
Twitter CEO Parag Agrawal also applauded the deal in the release.
“Twitter has a purpose and relevance that impacts the entire world,” Agrawal said in an accompanying statement. “Deeply proud of our teams and inspired by the work that has never been more important.”
Musk laid out his plan for funding the deal in an SEC filing on Thursday, includes $25.5 billion in loans and $21 billion in personal equity. Analysts believe the loans could cost Twitter as much as $1 billion a year in servicing fees, or roughly 20 percent of the company’s annual revenue.
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