How Elon Musk Seals Deal To Buy Twitter:Inside Story

Twitter is on its way to become a privately held company as Elon Musk has reached an agreement to buy Twitter for roughly $44 billion on Monday.

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated," Musk said in a tweet.

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Twitter on Tuesday announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk

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for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.

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The deal was cemented roughly two weeks after the billionaire first revealed a 9% stake in the platform.

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Musk said last week that he had lined up $46.5 billion in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal.

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Twitter said Musk secured $25.5 billion of debt and margin loan financing and is providing a $21 billion equity commitment.

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Twitter said the transaction was unanimously approved by its board of directors and is expected to close in 2022, pending regulatory sign-off and the approval of shareholders.

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Shares of Twitter Inc. rose more than 5% Monday to $51.70 per share.

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