Musk Buys Twitter

Twitter said Monday it has agreed to sell itself to Elon Musk in a roughly USD 44 billion deal, CNN reports.

The deal caps off a whirlwind period in which the Tesla and SpaceX CEO became one of Twitter's largest shareholders, was offered and turned down a seat on its board and bid to buy the company — all in less than a month.

Only eleven days before, Musk had surprised the industry with its offer to buy Twitter, offering a USD 41 billion contract.

The deal comes after Musk revealed last week he had lined up USD 46.5 billion in financing to acquire the company, an apparent turning point that forced Twitter's board to seriously consider the deal. The board met Sunday to evaluate Musk's offer, a source confirmed for CNN.

Many Twitter shareholders addressed the company after Musk presented a detailed financing plan and invited them not to miss the opportunity. His insisting that the current price offer is “the best and final” proved to be a contentious point in the negotiations, the sources said.

Still, they add that the Twitter board decided to meet with Musk in order to get more information about his readiness to make certain compromises and offer better terms, it is added.

At Twitter, they still don’t know whether the regulators in any larger market they operate in would have something against Musk being the owner of the company. If a consensus were reached that the sale of Twitter to Musk would be risky, they could accordingly seek compensation, the sources say.

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