Rumors of Musk's acquisition of Twitter came true, and Twitter announced that it had accepted Tesla CEO Musk's offer to buy it. Bret Taylor, chairman of Twitter's independent board, said: "Twitter's board conducted a thoughtful and comprehensive assessment to evaluate Elon's proposal and consciously focus on value, certainty and financing. The proposed deal would bring a substantial cash premium, which we believe is the best way forward for Twitter shareholders.
According to Twitter's April 25 "final deal, the company will be sold to Musk for $54.20 per share, a deal worth about $44 billion." After the deal closes, Twitter will eventually become a privately held company.
The acquisition process didn't go well, and at first, the Twitter board tended to use "poison pill" measures to show their opposition to the acquisition, which would drive up the purchase price. But after Musk confirmed a financing package for the deal, which included $21 billion of his own money and the rest of the debt financing from Morgan Stanley and other financial institutions, Twitter shareholders changed their minds.
U.S. President Joe Biden was also one of the obstacles to the acquisition, with the White House first trying to block the acquisition. But after being reported by the media, the Biden administration backed down. The reason for paying so much attention to the acquisition is that Twitter has been very strict about the scandal information about Biden's son Hunter Biden, and Biden is afraid that Musk will relax the review of the relevant remarks after he takes charge.
Biden's concerns are justified, with Musk once saying, "I want even my worst critics to stay on Twitter because that's what free speech means." ”
Musk, who has 83 million followers on Twitter, is an avid user of the site and one of its most recognizable critics. Musk has previously said he could dump about 9.4 percent of his Twitter stake if the board doesn't approve his takeover proposal. However, after the success of the acquisition, Musk is ready to do a big job.
Musk reiterated some of his previous views and envisioned the company's future in a press release: "Free speech is the cornerstone of democratic functioning, Twitter is the digital city square, and things that are vital to the future of humanity are debated here." I also want to enhance the product with new features, make algorithms open source to increase trust, beat spam bots, and verify the identity of everyone, making Twitter better than ever. Twitter has tremendous potential – I look forward to working with companies and user communities to unlock it. “
After controlling the three international giants tesla, SPACE X and Twitter, Musk's business empire has taken shape. If you think about it, when the information flow behind these three is truly integrated, it will be a very powerful force from a business point of view.