Twitter accepts Elon Musk's offer to be purchased for $44B

By Ovunc Kutlu

ANKARA (AA) - Twitter announced Monday it has accepted Elon Musk's offer to be purchased for $44 billion.

The social media company said in a statement that it has entered into a definitive agreement to be acquired by an entity wholly owned by Musk, in which Twitter stockholders will receive $54.20 in cash for each common stock they own.

"The purchase price represents a 38% premium to Twitter's closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter," the statement said.

So, Twitter will become a privately held company after the deal is closed.

Entrepreneur and business magnate Musk, the founder of electric carmaker Tesla and space exploration company SpaceX, announced on April 4 that he bought a 9.2% share in Twitter, becoming the social media platform’s biggest investor.

Musk was exploring a tender offer to buy Twitter, as he received a $46.5 billion commitment for the deal, according to a securities filing released Thursday.