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Musk tweeted “The bird is freed” late Thursday night
Elon Musk Buys Twitter, Fires Top Executives
By Andrew Moran
October 27, 2022 Updated: October 28, 2022
Tesla CEO and world’s wealthiest person, Elon Musk, is now in charge of the social media platform Twitter. The official announcement of the takeover deal’s completion is expected on Friday.
Twitter will be delisted from the New York Stock Exchange beginning on Oct. 28, according to a recent delisting notice, as the firm will be taken private.
Twitter CEO Parag Agrawal and CFO Ned Segal have been fired, according to multiple media reports.
Musk tweeted “The bird is freed” late Thursday night, and then “let the good times roll” a few hours later.
The purchase brings to an end an unusual corporate takeover fight that has been a roller coaster ride for nearly seven months.
Musk shared a video of himself on Wednesday walking into Twitter headquarters carrying a sink, tweeting “let that sink in.” He also changed his social network bio to “Chief Twit.”
Before Musk arrived at the San Francisco-based headquarters, CNN obtained an email that was sent to all staff members.
“As you’ll soon see or hear, Elon is in the SF office this week meeting with folks, walking the halls, and continuing to dive in on the important work you all do. If you’re in SF and see him around, say hi! For everyone else, this is just the beginning of many meetings and conversations with Elon, and you’ll all hear directly from him on Friday.”
But the celebratory nature after a seven-month battle between the billionaire entrepreneur and the social media corporation might end prematurely as “he’ll still have plenty of hard work ahead,” says Jason Moser, senior analyst and lead advisor at The Motley Fool.
The buyout will be remembered as one of the most crucial deals in the history of mergers and acquisitions because of how much public attention it drew.
The entire ordeal began earlier this year when it was discovered that Musk purchased a sizable stake in the company to become the largest shareholder. He was invited to serve as a member of the board of directors, which he eventually declined. Instead, the billionaire CEO proposed to purchase the company for $44 billion, or $54.20 per share.
The price offered by Musk represented a 38 percent premium to the company’s closing stock price on April 1. This was the final trading session before Musk revealed his roughly 9 percent stake in the company. Some had thought the figure was too expensive, especially considering that he faced zero competition.
“My strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization,” Musk said at the TED2022 Conference in Vancouver in April. “I don’t care about the economics at all.”
Read rest of story here
Musk tweeted “The bird is freed” late Thursday night
Elon Musk Buys Twitter, Fires Top Executives
By Andrew Moran
October 27, 2022 Updated: October 28, 2022
Tesla CEO and world’s wealthiest person, Elon Musk, is now in charge of the social media platform Twitter. The official announcement of the takeover deal’s completion is expected on Friday.
Twitter will be delisted from the New York Stock Exchange beginning on Oct. 28, according to a recent delisting notice, as the firm will be taken private.
Twitter CEO Parag Agrawal and CFO Ned Segal have been fired, according to multiple media reports.
Musk tweeted “The bird is freed” late Thursday night, and then “let the good times roll” a few hours later.
The purchase brings to an end an unusual corporate takeover fight that has been a roller coaster ride for nearly seven months.
Musk shared a video of himself on Wednesday walking into Twitter headquarters carrying a sink, tweeting “let that sink in.” He also changed his social network bio to “Chief Twit.”
Before Musk arrived at the San Francisco-based headquarters, CNN obtained an email that was sent to all staff members.
“As you’ll soon see or hear, Elon is in the SF office this week meeting with folks, walking the halls, and continuing to dive in on the important work you all do. If you’re in SF and see him around, say hi! For everyone else, this is just the beginning of many meetings and conversations with Elon, and you’ll all hear directly from him on Friday.”
But the celebratory nature after a seven-month battle between the billionaire entrepreneur and the social media corporation might end prematurely as “he’ll still have plenty of hard work ahead,” says Jason Moser, senior analyst and lead advisor at The Motley Fool.
The buyout will be remembered as one of the most crucial deals in the history of mergers and acquisitions because of how much public attention it drew.
The entire ordeal began earlier this year when it was discovered that Musk purchased a sizable stake in the company to become the largest shareholder. He was invited to serve as a member of the board of directors, which he eventually declined. Instead, the billionaire CEO proposed to purchase the company for $44 billion, or $54.20 per share.
The price offered by Musk represented a 38 percent premium to the company’s closing stock price on April 1. This was the final trading session before Musk revealed his roughly 9 percent stake in the company. Some had thought the figure was too expensive, especially considering that he faced zero competition.
“My strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization,” Musk said at the TED2022 Conference in Vancouver in April. “I don’t care about the economics at all.”
Read rest of story here