Twitter’s board has decided to accept Tesla CEO Elon Musk’s offer and take the company private, after initially trying to thwart hostile takeover efforts. The deal values the micro-blogging platform at $44 billion.
As part of the deal, Twitter shareholders will receive $54.20 in cash for each share of Twitter at the close of the proposed transaction. The purchase price represents a 38 percent premium over Twitter’s closing stock price as of April 1, 2022, according to a release shared by Twitter, the last trading day before Musk disclosed his 9.2 percent stake in the company Twitter. Was.
According to reports, Musk met with Twitter executives on Sunday to discuss his “best and final offer” to buy the company and take it private. The next day, executives from both companies met to resolve the issues of the deal, so that they are in the best interest of the company and its shareholders.
As news of Musk’s acquisition of Twitter started pouring in, here are the top five things you should know about the deal:
What is Twitter CEO Parag Agarwal saying?
Responding to the matter, Twitter CEO Parag Agarwal spoke about the importance of the platform and its representation. “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by work that has never been more important,” he wrote in a tweet.
What will happen to Parag Agarwal after Elon Musk takes over?
Although Twitter hasn’t commented on Agarwal’s fate after Elon Musk took over the company, he could face an estimated $5,000 if he is terminated within 12 months of his change of control, according to Equilar, a research firm. 42 million will be received. company, Reuters reported. These details are based on their salary and quick vesting of all equity awards.
Twitter has a purpose and relevance that affects the entire world. Deeply proud of our teams and inspired by work that has never been more important. https://t.co/5iNTtJoEHf
— Parag Agarwal (@paraga) April 25, 2022
What will happen to Twitter employees?
Agarwal told employees after the deal was announced that the company’s future remained uncertain after Musk took over.
Referring to the question of allowing former US President Donald Trump to return to the podium, Agarwal said, “Once the deal closes, we don’t know in which direction the stage will go.” “I believe that when we have the opportunity to speak with Elon, this is a question that we should address with him,” he said, expressing the company-wide town hall meeting, As reported by Reuters.
He also told Twitter employees that there are no plans to lay off.
What is Twitter founder Jack Dorsey saying about the deal?
Twitter founder Jack Dorsey has expressed confidence in Musk’s leadership. He also said that withdrawing the company from Wall Street was the “right first step” towards rebuilding the company.
“Idea and service are what matter to me, and I will do whatever I can to protect both. Twitter has always been my only issue as a company and my biggest regret. It is owned by Wall Street. And the advertising model has it. Taking it back from Wall Street is the right first step,” Dorsey wrote in a series of tweets.
In principle, I do not believe that anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. However, addressing the problem of being a company, Elon is the only solution I trust. I trust in his mission to spread the light of consciousness.
— jack⚡️ (@jack) April 26, 2022
“Theoretically, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. However, addressing the problem of being a company, Elon is the only one.” The solution is what I believe in. I have faith in their mission to spread the light of consciousness,” he said.
Elon’s goal of building a platform that is “maximally reliable and widely inclusive” is right. it’s also @paragagoal, and why I chose it. Thank you both for taking the company out of an impossible situation. This is the right path… I believe it wholeheartedly.
— jack⚡️ (@jack) April 26, 2022
He also expressed his confidence in Musk’s vision for the company. Elon’s goal of building the “most reliable and widely inclusive” platform is right. That’s also @Parag’s goal, and why I chose him. Thank you both for taking the company out of an impossible situation. This is the right path..I believe in it with all my heart,” he wrote in a later tweet.
What is Amazon CEO Jeff Bezos saying about the deal?
Amazon Inc. founder Jeff Bezos raised a daring question on the news of Musk taking over Twitter. In a series of tweets, Bezos highlighted the close ties Tesla had with China and whether the Chinese government had taken advantage of China. In a subsequent tweet, he said the development is likely to complicate matters more for Tesla rather than introducing censorship to Twitter.
Interesting question. Did the Chinese government take advantage of the town square just a little bit? https://t.co/jTiEnabP6T
— Jeff Bezos (@JeffBezos) April 25, 2022
Elon Musk’s post to buy Twitter for $44 billion: Five things you need to know about it first appeared on BGR India.