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Elon Musk, the world’s richest person, is reportedly close to inking a deal with Twitter’s board of directors in a deal worth over $43 billion. As part of the deal, he is expected to spend $21 billion of his own money, with the rest coming from additional investors.
Bloomberg reported the latest updates Monday morning, with the expectation that a deal will be closed sometime today.
“Twitter Inc. is in the final stretch of negotiations about a $43 billion sale to Elon Musk that could rank as one of the biggest-ever leveraged buyouts of a listed company, people with knowledge of the matter said.
The social media company is working to hammer out terms of a transaction and could reach an agreement as soon as Monday if negotiations go smoothly, according to the people, who asked not to be identified because the information is private. Musk is lining up partners for the acquisition and continues to speak to potential co-investors, one of the people said.”
The saga of Elon Musk purchasing Twitter outright has been one of the biggest news stories of the past several weeks. Initially, Musk bought just under 10% of outstanding shares and was invited to sit on the board. This move was widely seen as the board attempting to control Musk and prevent him owning more than 15% of shares. Soon after, though, he declined a board seat and announced his intention to buy the entire company instead.
In his initial offer letter dated April 13th, Musk shared how he intended to use the social media platform:
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”
MSN aggregated a few news pieces to update this story as well. They write:
“The Wall Street Journal reported that the two sides “worked through the night” in order to finalize the details. Musk initially made his bid on April 14th, calling it his “best and final offer” at the time. The deal will be valued at $54.20 a share.
According to the Journal, Musk is planning to spend $21 billion of his own money. In order to gather these funds, he will likely need to sell stakes in his other businesses, such as Tesla and SpaceX. The other $25 billion will come from investment banks.
The deal had seemed dead on arrival, but the company was suddenly open to negotiations. Musk then made a series of video calls to select shareholders to pitch them individually. He argued that Twitter won’t be able to reach the stock price he is offering without him.”
Appropriately, Twitter itself has been a funhouse of comments. Both #LeavingTwitter and #TwitterHQ are currently trending, with the latter producing some hilarious memes. One user, Benny, posted a this video:
Live shot of Twitter HQ at this very moment pic.twitter.com/XceYVa0VLl
— Benny Johnson (@bennyjohnson) April 25, 2022
There were then several comments calling out the fake outrage about people supposedly planning on ditching the social media platform. Where would they go to shriek and holler? Here are a few of the comments:
“I’m leaving Twitter as soon as Musk takes over” is the 2022 version of “I’m moving to Canada if Trump wins”
The I’m leaving Twitter mob has started to make noise already. The same lot said would leave America if Trump won in 2016. They are still here.
You’re not moving out of the country if that one person wins. You’re not leaving Twitter for good if that one person buys it.
No one is actually saying, “I’m leaving Twitter.” The only users posting in the “leaving Twitter” trending tab are people “owning” an imaginary user in their heads.
Every. Single. One. of you is making the same comment about Trump, Canada, Twitter and Musk. It’s comical.
If you didn’t move to Canada when the Big Bad Orange Man was elected in 2016, you’re not leaving Twitter when Elon Musk buys it
This is a developing story.