Elon Musk strikes US$44B deal to buy Twitter – National |

Elon Musk strikes USB deal to buy Twitter – National |


Elon Musk’s US$44-billion bid to buy Twitter and take the social media company private has been accepted by its board of directors, the company announced Monday.

The deal, which will see Musk pay US$54.20 in cash per share, still requires shareholder and regulatory approval but is expected to close later this year.

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Twitter’s board of directors will recommend shareholder approval following Musk’s at-times turbulent courting process, which saw the board adopt a “poison pill” strategy in an effort to stave off the takeover attempt.

Discussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer.

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Twitter’s shares were up about six per cent following the news.

Former U.S. President Donald Trump said on Monday that he will not return to social media platform Twitter even if his account is reinstated following Musk’s purchase.

Trump told Fox News that he will formally join his own Truth Social startup over the next seven days, as planned.

“I am not going on Twitter, I am going to stay on Truth,” Trump told Fox News. “I hope Elon buys Twitter because he’ll make improvements to it and he is a good man, but I am going to be staying on Truth,” Trump said.

More to come.

— with files from Reuters

© 2022 Global News, a division of Corus Entertainment Inc.


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