The company originally rejected Musk’s offer, but now, according to the BBC, will ask shareholders to approve the transaction. In recent days, they have tried to persuade the company to negotiate an offer with Musk.
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Shareholders will receive $ 54.20 per share. That’s 38 percent more than the stock price before Musk revealed its plans.
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I want Twitter to be better, I will add new features to it and beat spam bots.
Elon Musk, the new owner of Twitter
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“The proposed deal will bring a significant cash bonus, and we believe this is the best way for Twitter’s shareholders,” said Bret Taylor, chairman of the board.
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Thus, Twitter will cease trading on the stock exchange as a public company after nine years.
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The agreement should be concluded at the end of this year.
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Musk has previously stated that he wants to use the extraordinary potential that this social network has. “I want Twitter to be better, I will add new features to it and I will defeat spam bots,” he said.
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Musk is the head of Tesla and the richest man in the world. Both Time magazine and the Financial Times named him Personality of the Year last December.
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