Elon Musk Clinches Game-Changing $44 Billion Twitter Acquisition

deadline.com:

Billionaire provocateur Elon Musk has sealed his acquisition of Twitter, leaving a major social media platform in the hands of the impulsive head of two other companies, SpaceX and Tesla.Musk and his backers are paying $54.20 per share in cash.

Once the deal closes, Twitter will become a privately held company. Wall Street appeared to initially hail the news, with Twitter shares up almost 6% heading toward the closing bell.

They have risen almost 30% since Musk formally came on the scene.Terms were reached today less than two weeks after Musk revealed his initial $43 billion offer for the company.

Although he described it as “best and final” bid, the parties reportedly convened for talks over the weekend, with Twitter’s board deciding the ultimate valuation was too great to resist.The purchase raises a host of questions, and follows Twitter’s enacting of a “poison pill” provision, intended as a defense mechanism after Musk’s unsolicited offer surfaced.