The board of directors of Twitter unanimously approved a $44 billion takeover from Tesla CEO Elon Musk on Monday. However, few other facts are available, keeping users and workers in the dark about what the future holds for their organization. Under Musk’s ownership, it is unknown who will be in charge of the firm and what the future holds for the company’s employees. Read the article to know about Elon Musk Buys Twitter – Deal Details, Reason, Money Offered.
Elon Musk Buys Twitter
According to two individuals with knowledge of the issue, Twitter is close to reaching an agreement to sell itself to Elon Musk, a move that would bring the world’s wealthiest man together with the popular social networking site. According to the sources, a deal might be revealed as early as Monday morning.
According to the people who spoke on the condition of anonymity because they were not authorized to discuss confidential information, the board of directors of Twitter was in negotiations with Mr. Musk into the early hours of Monday morning over his unsolicited bid to buy the company, which he began lining up $46.5 billion in financing for last week, according to the sources.
According to the sources, the two parties were negotiating specifics such as a deadline for closing any prospective transaction and any costs that would be paid if an agreement was signed and then later dissolved.
Elon Musk Buys Twitter Deal Details
One of the most pressing uncertainties confronting Twitter is who Musk would choose to be the company’s next CEO. The company’s current CEO, Parag Agrawal, has only been in charge for five months, taking over from co-founder Jack Dorsey. Agrawal was rapidly forced to cope with an aggressive Musk, who purchased around 9 percent of the company’s equity and agreed to serve on the board for a limited period.
Agrawal expressed concern about “distractions ahead” after Musk decided to cancel the deal and go after the whole firm. He received his news on Monday, and it now seems that the two will not be able to establish a future together.
“Twitter has a purpose and significance that influences the whole globe,” Agrawal stated in the company’s statement, which was his only contribution. “We are really proud of our colleagues and motivated by the job that has never been more crucial,” said the company’s CEO.
Elon Musk Buys Twitter Money Offered
Mr. Musk amended his proposal last week, placing further pressure on Twitter to take his offer more seriously. Mr. Musk revealed his funding arrangements with the investment bank Morgan Stanley and a group of other lenders in a securities filing made public on Thursday.
In exchange for his stock in Tesla, the electric automaker he owns, the lenders were giving him $13 billion in debt financing and another $12.5 billion in loans against his shares in the company. He said that he would spend an additional $21 billion in cash to purchase the remaining shares of Twitter.
A representative from Twitter refused to comment. Twitter has previously said that its board was “continue to undertake a thoughtful, comprehensive, and deliberate examination in order to identify the course of action that is in the best interests of both the business and all Twitter shareholders” in prior public announcements.
Mr. Musk did not reply to a request for comment after being contacted. The sources have previously claimed that Twitter had become more receptive to Mr. Musk’s approach.
Elon Musk Twitter Control
Twitter announced that the firm is being purchased by “an entity entirely controlled by Elon Musk,” according to the company. That says nothing about the level of influence the mega-billionaire will exercise over the company.
Musk is presently the CEO of Tesla, which has a market capitalization of $1 trillion, and SpaceX, which is valued at $100 billion on the private market. To his credit, he also has two start-up companies, Neuralink and The Boring Company.
Will he follow in the footsteps of Jeff Bezos and hand over the reins of the Washington Post to an independent management team to administer the operations? Or will you be a hands-on business owner? When you know the answer, you’ll be a lot more prepared to know what to anticipate from content moderation and whether or not the several high-profile individuals who have been banned from the site will return shortly.
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