Elon Musk, the world’s richest man, has finally taken over Twitter. On Monday, the deal was done for $ 44 billion. Accordingly, a share of Twitter has been valued at $ 54.20. According to Reuters, after this deal, the social media platform Twitter has now become Elon Musk’s. All the world’s big leaders and millions of users are connected to this platform.
With this, the speculations going on for the last one week have come to an end. A few days ago, Elon Musk had announced to buy 9.2% stake in Twitter by tweeting. A few days later, he expressed his intention to buy the entire Twitter.
Elon Musk made the ‘best and final’ offer to buy all 100% of Twitter’s shares a few days ago and since then he has been pressuring the company to accept the deal. Talks between Elon Musk and Twitter’s board began on Monday.
Elon Musk bought 9.2 percent in Twitter last month and now he wants to buy the remaining 90.8 percent stake in the company at the rate of $ 54.20 per share. The entire deal will sit around $43 billion. Elon Musk, the owner of companies like Tesla and SpaceX, had been persuading the shareholders of Twitter for his offer for the past few days.
How was the fund arranged?
Elon Musk said in a notification sent to the stock market last week that he had raised $46.5 billion in funds to buy Twitter. A large part of this will come through the sale of his stake in electric car company Tesla, while the rest will be financed by Morgan Stanley and other banks.
Elon Musk said that he has invested about $ 33.5 billion in the $ 46.5 billion fund on his behalf. This includes $21 billion in shares and $12.5 billion in margin loans. At the same time, several banks, including Morgan Stanley, have agreed to provide the remaining $ 13 billion.
Why does Musk want to buy Twitter?
Elon Musk says he wants to buy Twitter because he doesn’t think it’s living up to its potential as a freedom of speech platform.