Twitter has agreed to sell itself to Elon Musk in a $44 billion deal, the company announced on Monday.
The agreement brings to a close a whirlwind news cycle in which the Tesla and SpaceX CEO became one of Twitter’s largest shareholders, was offered and declined a seat on its board, and made a bid to buy the company — all in less than a month.
According to the terms of the agreement, shareholders will receive $54.20 in cash for each share of social media company stock they own, matching Musk’s initial offer and representing a 38% premium over the stock price the day before Musk revealed his stake in the company.
“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” Twitter independent board chair Bret Taylor said in a statement, calling the deal ” the best path forward for Twitter’s stockholders.”
The transaction is expected to close this year.
The agreement comes after Musk revealed last week that he had secured $46.5 billion in financing to acquire the company, an apparent tipping point that compelled Twitter’s board to seriously consider the transaction. The board met on Sunday to discuss Musk’s offer.
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