The social media giant has entered into a definitive agreement to be acquired by the Tesla CEO.
![](/images/article-826x550/Twitter_HQ_building_ne.jpg)
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 Elon Musk](/images/resize/Twitter_HQ_building_ne_8d3d.jpg.webp)
“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.
![State Street to provide custody and administration services for Brighter Super's $30 billion in funds](https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1718253887/pexels-weekendplayer-186461_gjcvbf.jpg)
Invest
State Street to provide custody and administration services for Brighter Super's $30 billion in funds
State Street Corporation has been chosen as custodian and administrator for more than $30 billion in funds invested for members of Queensland-based superannuation fund Brighter Super. The partnership ...Read more
![State Street Global Advisors maintains soft landing forecast despite trimmed rate cut expectations](https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1718068867/pexels-team-evelo-413077137-15020567_m301yy.jpg)
Invest
State Street Global Advisors maintains soft landing forecast despite trimmed rate cut expectations
State Street Global Advisors (SSGA) has released its midyear update of the Global Market Outlook, highlighting the resilience of risk assets despite increased uncertainty, stickier-than-expected ...Read more
![North American fund managers to focus on passporting for European fund raising, study finds](https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1717657756/pexels-pixabay-259234_awzrxk.jpg)
Invest
North American fund managers to focus on passporting for European fund raising, study finds
North American fund managers plan to create European funds and use passporting to raise funds in Europe, ahead of reverse solicitation and National Private Placement Regimes (NPPR), according to a new ...Read more
![Younger investors prioritize progress toward goals over absolute returns, study finds](https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1717026529/pexels-ivan-samkov-7213216_mxfjhp.jpg)
Invest
Younger investors prioritize progress toward goals over absolute returns, study finds
A recent examination of results from Dimensional Fund Advisors' Global Investor Study reveals that younger investors tend to care most about seeing progress toward their goals, whereas older investors ...Read more
![](https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1699327818/Diversification_in_your_portfolio_a_strategy_for_every_Australian_investor_sawr9i.png)
Invest
Diversification in your portfolio: A strategy for every Australian investor
Investing in today’s dynamic markets can be likened to navigating a labyrinth filled with many opportunities and risks. Read more
![Emerging industries in Australia: Investment opportunities](https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1698291394/australian-wind-farm-renewable-energy_sdzb73.jpg)
Invest
Emerging industries in Australia: Investment opportunities
Australia’s economic landscape is rapidly evolving, giving rise to numerous burgeoning industries that offer enticing investment opportunities. Read more
![‘Savage’ stock sell-off isn’t without reason, says State Street](/images/resize/economy-growth-decline-3-ne_1811.jpg.webp)
Invest
‘Savage’ stock sell-off isn’t without reason, says State Street
According to the firm, the sell-off is consistent with the long-term preferences of investors. Read more
![Investor inflation concerns persist following Labor victory](/images/resize/inflation-ne_ca96.jpg.webp)
Invest
Investor inflation concerns persist following Labor victory
Martin Currie sees the path of inflation rather than the new Labor government as the top issue for investors. Read more