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Twitter (TWTR) has accepted Elon Musk’s $54.20-a-share buyout offer or roughly $44 billion in cash, according to press release. Upon finalization of the deal, Twitter will turn to be a privately held company.
Musk made his intentions clear in a statement, saying:
“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.”
Bret Taylor, Twitter’s independent board chair, announced:
“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.”
Not soon after Musk revealed early April that he had taken a 9.2% stake in Twitter for $2.89 billion, his ambitions to take the social media giant private surfaces in a regulatory filing where he said he had “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.”
Twitter shares jumped about 5.5% to $51.63 on Monday, however trading was halted in the afternoon pending these new exciting developments.
As for spill-over effects on crypto markets, the Dogefather’s latest purchase has sent the price of dogecoin (DOGE) up 20% with the meme coin presently trading at $0.1531 according to CoinMarketCap data. Other cryptocurrencies like Bitcoin were able to recover from recent losses and the top cryptocurrency is back trading above $40,000 a coin.