ROOT
Musk bags Twitter for US$44bn
The social media giant has entered into a definitive agreement to be acquired by the Tesla CEO.
Musk bags Twitter for US$44bn
The social media giant has entered into a definitive agreement to be acquired by the Tesla CEO.

Twitter has agreed to be acquired by Elon Musk for approximately US$44 billion ($61.4 billion), a statement released today read.
Under the terms, Twitter stockholders will receive US$54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction, with the purchase price representing a 38 per cent premium to the company’s closing stock price on 1 April 2022.
“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,” Mr Musk said following the news.
“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.”
Twitter’s independent board chair, Bret Taylor, added that the proposed transaction will deliver a “substantial” cash premium and said it is the best path forward for stockholders.
"The Twitter board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders," Mr Taylor said.
The transaction, which has been unanimously approved by the Twitter board of directors, is expected to close in 2022, subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals and the satisfaction of other customary closing conditions.
On Friday, Mr Musk revealed he had secured US$46.5 billion in financing for a possible hostile acquisition and was putting up over US$20 billion of his own money.
In early April, he announced that he had purchased a 9.2 per cent stake in Twitter, valued at US$2.9 billion.
Just days later, he offered to purchase the entire social media platform for US$54.20 per share, putting the total cost at US$43 billion.

Invest
State Street Investment Management holds steady on ETF model portfolio allocations
State Street Investment Management has maintained its asset allocation for its Risk-Based and Target Income ETF Model Portfolios despite market volatility and adjustments by other major players in the ...Read more

Invest
State Street Global Advisors rebrands as State Street Investment Management
State Street Global Advisors has rebranded as State Street Investment Management as the world's fourth-largest asset manager seeks to reflect its growth strategy and strengthen client partnerships. Read more

Invest
North platform launches 'Blend' model portfolios with BlackRock and Lonsec
AMP's North platform has launched a new model portfolio offering called 'Blend' in partnership with BlackRock and Lonsec Investment Solutions, targeting advice practices that want customised ...Read more

Invest
Australian investors add $8.6 billion to managed funds amid global uncertainty
Australian investors demonstrated cautious resilience by adding $8.6 billion to managed funds between January and May 2025, according to new data from Calastone. Read more

Invest
ASX companies gear up for end of financial year reporting season
ASX-listed companies are preparing for the end of the 2025 financial year, with many seizing opportunities to engage with investors through roadshows and industry conferences. Read more

Invest
Digital finance innovation could deliver $19 billion annual boost to Australian economy
Digital finance innovation has the potential to deliver $19 billion in annual economic gains to Australia, according to new research from the Digital Finance Cooperative Research Centre. Read more

Invest
Echelon completes $400,000 acquisition of Northern Territory gas permit
Echelon Resources has completed the acquisition of a 100 per cent interest and operatorship in Exploration Permit EP145 in the Amadeus Basin, Northern Territory, for $400,000. Read more

Invest
Institutional investors return to risk-taking as tariff fears ease
Institutional investors moved back towards risk-taking in late May following delays to trade tariff implementation, according to State Street's latest Institutional Investor Indicators. Read more

Invest
State Street Investment Management holds steady on ETF model portfolio allocations
State Street Investment Management has maintained its asset allocation for its Risk-Based and Target Income ETF Model Portfolios despite market volatility and adjustments by other major players in the ...Read more

Invest
State Street Global Advisors rebrands as State Street Investment Management
State Street Global Advisors has rebranded as State Street Investment Management as the world's fourth-largest asset manager seeks to reflect its growth strategy and strengthen client partnerships. Read more

Invest
North platform launches 'Blend' model portfolios with BlackRock and Lonsec
AMP's North platform has launched a new model portfolio offering called 'Blend' in partnership with BlackRock and Lonsec Investment Solutions, targeting advice practices that want customised ...Read more

Invest
Australian investors add $8.6 billion to managed funds amid global uncertainty
Australian investors demonstrated cautious resilience by adding $8.6 billion to managed funds between January and May 2025, according to new data from Calastone. Read more

Invest
ASX companies gear up for end of financial year reporting season
ASX-listed companies are preparing for the end of the 2025 financial year, with many seizing opportunities to engage with investors through roadshows and industry conferences. Read more

Invest
Digital finance innovation could deliver $19 billion annual boost to Australian economy
Digital finance innovation has the potential to deliver $19 billion in annual economic gains to Australia, according to new research from the Digital Finance Cooperative Research Centre. Read more

Invest
Echelon completes $400,000 acquisition of Northern Territory gas permit
Echelon Resources has completed the acquisition of a 100 per cent interest and operatorship in Exploration Permit EP145 in the Amadeus Basin, Northern Territory, for $400,000. Read more

Invest
Institutional investors return to risk-taking as tariff fears ease
Institutional investors moved back towards risk-taking in late May following delays to trade tariff implementation, according to State Street's latest Institutional Investor Indicators. Read more