One of the largest investments agreed for a buyout in history, Elon Musk is buying Twitter for a whopping $44 billion. Twitter’s board of directors has agreed to sell Twitter to Elon Musk. It was a unanimous board decision agreeing to allow Elon Musk to buy Twitter.
Earlier, Elon Musk announced on his Twitter account that he had acquired 9.2 percent of Twitter’s stock which was $2.89 billion, making him Twitter’s largest shareholder. Out of nowhere, Elon Musk’s largest shareholding was surpassed when Vanguard Group increased its investment to reach 10.3 percent. After that development, Musk was offered a seat on Twitter’s board of Directors with a condition that he will not acquire more than 14.9 percent of Twitter’s stock.
Musk declined the offer as announced by Twitter CEO Parag Agarwal without giving any reasons for his refusal.
Musk wanted to acquire Twitter altogether, Elon has put $44 billion on the table. He has already secured $22.5 billion in financing from multiple global banks and intends to add $21 billion from his personal equity.
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