On Monday (April 25), local time, Tesla CEO Elon Musk reached a final agreement with the board of directors of the San Francisco-based Twitter company to acquire it for $54.20 per share, with a transaction value of about $44 billion (about 288.6 billion yuan).
The deal received unanimous approval from Twitter's board of directors, but shareholder and regulatory approvals are still required and are expected to close in 2022. Twitter Chairman Bret Taylor wrote, "The Board conducted a deliberate and comprehensive process to evaluate Elon Musk's proposal, focusing on the value, stability and financing aspects. ”
Upon completion of the transaction, shareholders received $54.20 in cash for every share they held, a 38 percent premium to the closing price on April 1. Taylor said, "The proposed deal brings a substantial cash premium, which we believe is the best path for Twitter shareholders." ”
Earlier this month, Twitter announced that Musk would become a member of Twitter's board. In response, Musk said that he looks forward to working with Twitter's board to make significant improvements to Twitter in the coming months.