Elon Musk Acquires Twitter for $44 Billion Following Late Night Negotiations

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The social media company confirmed the transaction in a statement Monday, 11 days after Musk announced his bid.

Twitter announced that it will be acquired by "an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion."

As the SpaceX CEO vowed when he made the offer earlier in the month, Twitter will become a privately held company, once he has formal ownership.

Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter's closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.

Bret Taylor, Twitter's Independent Board Chair, said, "The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders."

Parag Agrawal, Twitter's CEO, said, "Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important."

The company also locked out all developers from core product updates unless it's critical to core business operations. This is reportedly to prevent potential sabotage by disgruntled far-left developers at the San Francisco-based company. Employees, many of whom are 'woke' leftists, were reportedly hysterically opposed to Musk buying the social media company, and had a meltdown during an all hands meeting with Agrawal and Taylor.

"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," Musk said in a statement following the deal's announcement. "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 has tremendous potential – I look forward to working with the company and the community of users to unlock it."

Many Twitter users called for the return of former United States president, Donald Trump to the platform He was banned from the platform last year. However the former president in a statement, reportedly said he is not interested in returning to Twitter, but will statt using his own recently launched social media platform, TRUTH Social.

As expected, far-left users on the social media platform had a meltdown. Many vowing to stop using the platform because Musk promised less censorship. What?

Twitter handle of far-left tech news outlet The Verge, tweeted "How to deactivate your Twitter account," with a link to their article.

Musk apparently noticed and replied: "Don't worry, I can do it for you, Verge."

Conservative critics on the other hand welcomed Musk's control of Twitter. They express hope that the richest man on earth will work to return free speech and end censorship on the platform.

Many likened leftists' "I'll leave Twitter if Musk buys it," pledge, to their "I'll move to Canada if Trump wins," which was a popular sentiment among them in 2016.

All around, it was all mockery versus lament on Twitter following the news of Musk's acquisition of the social media network.