The feud between the Twitter board and Elon Musk finally ended on 25th April as both parties finalised a deal and Elon Musk succeeded in landing a deal to buy Twitter.
On 4th April, Elon Musk disclosed that he had a 9.2% stake in Twitter, making him the largest share holder in the social media platform. People were excited to see what actions he would undertake.
Mr. Musk was subsequently offered a seat at the Board of Twitter, an offer he initially favoured, but later refused. A few days later, he proposed to buy Twitter itself.
The company was against this ‘hostile takeover’ as they announced a rights issue to dilute the billionaire’s holding. Mr. Musk announced on 21st April that he had managed to raise $46.5 billion through debt and equity financing.
The Board was in discussion with the world’s richest man and it was reported that they would be giving him a final deal yesterday. The deal is an all cash deal of $44 billion which will be completed later this year.
“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. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it,” Musk said in a press statement posted to his Twitter account.
Highlight by Aman Agarwal.