“Twitter’s board undertook a comprehensive and detailed process to assess Elon Musk’s proposal with a deliberate focus on value, certainty and funding. The proposed transaction will achieve a substantial premium indeed, and we believe it is the best course of action.” for Twitter shareholders,” said the independent chairman of the board, Bret Taylor.

The operation had been advanced this Monday by several US media, which indicated that the final announcement would be published throughout the day. The transaction is subject to Twitter shareholders giving their approval in a vote at the shareholders’ meeting. The council expects the operation to be completed in 2022.

Under the terms of the offer, Elon Musk will pay each Twitter shareholder $ 54.2 in cash for each of his titles. This is a 54 % premium over January 28, when Musk started buying Twitter shares, as well as a 38 % premium over April 1st, when he revealed his position in the company.

🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6

— Elon Musk (@elonmusk) April 25, 2022

“Freedom of expression is the basis of a functional democracy and Twitter is the digital town square where important issues for the future of humanity are debated,” the businessman said in his account on the social network.

The entrepreneur, owner of Tesla and SpaceX, has added that he wants to make the social network “better than ever” by improving the product, making the algorithms open source, ending spambots and verifying all human users.

There are no financial conditions to be met for the closing of the transaction. Musk has secured financing through debt and a margin loan worth 25.5 billion dollars (23.796 million euros). Likewise, it contributes to the operation a capital commitment of 21,000 million (19,597 million euros).

Source: dpa

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