On April 14, 2022, American entrepreneur Elon Musk proposed to buy out social media company Twitter, Inc. for $43 billion, after previously acquiring 9.1% of the company’s stock for $2.64 billion, becoming its largest single shareholder.
Twitter had then invited Musk to join their board of directors, which Musk accepted before changing his mind.
In response to Musk’s proposal, Twitter announced a “poison pill” strategy the next day to allow shareholders to purchase additional stock in the event a buyout should occur.
On April 25, Twitter’s board of directors unanimously accepted Musk’s buyout offer of $44 billion, with the company set to become privatized.
As of April 2022, the acquisition is pending approval from regulators and shareholders.
Last Updated on 4 hours ago by pinc