According to the terms of the agreement, Twitter shareholders will receive $54.2 per share of common stock. The premium amounted to 38% to the share price at the close of trading on April 1, when the businessman announced the purchase of 9%.
"The Twitter Board of Directors conducted a careful and comprehensive evaluation of Elon's proposal, focusing on cost, certainty, and funding. The proposed transaction will bring in a significant cash bonus and we believe it is the best path forward for Twitter's shareholders”, - said Bret Taylor, CEO of the company.
Musk himself called the social network a “digital city square”, where vital issues of the future of humanity are discussed. He emphasized that he wants to make Twitter better "than ever by adding new features, making algorithms open to increase trust, defeating spambots and authenticating all people".
“Twitter has huge potential – I look forward to working with this company”, - said Elon Musk.
In mid-April, Musk announced that he had filed an application with the US Securities and Exchange Commission to buy the social network.
"My proposal is the best and final, and if it is not accepted, I will have to reconsider my position as a shareholder", - the entrepreneur said in a statement.
Note that after Musk bought the social network, members of the administration of United States President Joe Biden began to worry that former President Donald Trump might return to Twitter.
Meanwhile, Trump himself refused to return to Twitter. Even before the deal was announced, he expressed hope that Musk would buy the social network "because he will bring improvements to it".
“But I will stay on TRUTH”, - the former president announced (we are talking about his own social network).