Twitter accepts Musk’s purchase offer of $44B
The purchase price represents a 38% premium to Twitter's closing stock price on April 1, 2022, which was the last trading day before Musk disclosed his approximately 9% stake in Twitter. But Twitter’s shares traded higher than Musk’s bid for much of last year
By Yashasvini Razdan
Published - Apr 25, 2022, 09:01 PM ET
Last Updated - Feb 23, 2024, 08:09 AM EST
• Twitter shares were up 5.85% after the announcement
Elon Musk will be purchasing Twitter Inc. (NYSE: TWTR) for an agreed value of $44 billion after the two sides worked through the night to hash out the details of the deal.
Musk purchased the company at $54.20 a share, the same price named in his initial offer on April 14th. The company’s 11-member board met with Musk to discuss his offer on Monday.
The purchase price represents a 38% premium to Twitter's closing stock price on April 1, 2022, which was the last trading day before Musk disclosed his approximately 9% stake in Twitter. But Twitter’s shares traded higher than Musk’s bid for much of last year.
