The board of directors running Twitter has unanimously agreed to sell the platform to Elon Musk for 44 billion dollars. The board made the notation that the transaction would be the best path for Twitter shareholders as they will receive $54.20 per share as the company goes private. According to NBC, that is a 38 percent premium for shareholders using the April 1st closing price (before Musk revealed his plans).
Twitter’s board appeared to be openly against the company’s purchase when Musk acquired 9 percent of the company’s shares to make him the largest shareholder. The company investigated a corporate maneuver known as a “poison pill”, which would allow them to create more shares to dilute Musk’s ownership, but never followed up with this plan before accepting his full purchase offer.
Jack Dorsey, the co-founder of Twitter and CEO until November 2021, announced that he was happy to see Twitter move to a private company and leave the Wallstreet market. Overall, the reactions to this deal have been both heated and mixed throughout the tech community and user base. Let us know what you think in our poll here: