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Well he did it, Elon Musk pulled some serious magic and completed negotiations with the Twitter board to acquire the social media platform for $44 billion US. The move comes after Musk claimed the platform is not doing enough to ensure free speech. Earlier in the month he tweeted out an offer of $54.20 per share of Twitter’s stock, which comes out to $41.3 billion at the time.
“The Twitter board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” Twitter chairman Bret Taylor said.
RBC and CIBC are among a consortium of a dozen lenders who agreed to help Musk finance his bid, with RBC agreeing to lend $750 million, and CIBC $400 million, according to a regulatory filing.
“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 Monday, adding that he wants to make the company’s algorithm open source — that is, publicly accessible — to increase trust.
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