Call us at : 011 4106 5208 / +91-7011197831

Elon Musk buys Twitter: Tesla boss or Parag Agrawal, who will run Twitter?

Elon Musk buys Twitter: Tesla boss or Parag Agrawal, who will run Twitter?

By Sanjay Maurya

On Monday (April 25), Microblogging site Twitter finalised the deal to sell itself to Elon Musk, the chief executive of electric vehicle maker Tesla and the world’s richest man, for $44 billion.

The company said in a statement that it has entered into a “definitive agreement” allowing Musk to wholly acquire the entity in an all cash deal “valued at approximately $44 billion”.

“Under the terms of the agreement, Twitter shareholders will receive $54.20 in cash for each share of Twitter common stock upon the closing of the proposed transaction,” it said. The transaction is expected to close in 2022, subject to approval from Twitter’s shareholders and regulatory bodies.

Elon Musk (CEO of Tesla Motors) Twitter (Social network company)
Born: 28 June 1971 (age 50 years), Pretoria, South Africa Headquarters: San Francisco, California, United States Trending
Net worth: 27,360 crores USD (2022) Forbes Founded: 21 March 2006, San Francisco, California, United States
Spouse: Talulah Riley (m. 2013–2016), Talulah Riley (m. 2010–2012), Justine Musk (m. 2000–2008) CEO: Parag Agrawal (29 Nov 2021–)
Children: X Æ A-Xii, Nevada Alexander Musk, Xavier Musk, MORE Founders: Jack Dorsey, Biz Stone, Evan Williams, Noah Glass
Parents: Errol Musk, Maye Musk Subsidiaries: Twitter France SAS, MORE

Musk made the “best and final” offer to buy 100 percent ownership in the social media giant for $54.20 per share, and the purchase was confirmed after about ten days.

Here’s all you need to know

Here’s where the Elon Musk deal ranks in tech history

  • Microsoft buys Activision Blizzard: $68.7 billion
  • Dell buys EMC: $67 billion
  • Elon Musk buys Twitter: $44 billion
  • Avago Technologies buys Broadcom: $37 billion
  • AMD buys Xlinix: $35 billion
  • IBM buys Redhat: $34 billion

Twitter deal financing – Elon Musk acquires Twitter for roughly $44 billion this deal has become the third-largest tech deal in history. The Tesla boss last week outlined $13 billion in bank financing secured by the social-media company and $12.5 billion backed by his Tesla pledge. Musk will “provide an equity commitment of approximately $21 billion” according to the agreement.

There were no further specifics about the source of the funds. All eyes will be on him now to see how he will handle the finances.

Here’s who will run Twitter: Both CEO Parag Agarwal and chairman Brett Taylor were quoted in the announcement, so they are still in their roles, for now. Musk has often posted his discontent with Twitter’s board of directors and how the company is run, and management changes are common when the company is bought. However, because Musk is already the CEO of Tesla and SpaceX, his capacity to take on another hands-on leadership role may be limited. According to a report, if Parag Agrawal, the current CEO of Twitter, was fired within 12 months of a change in leadership at the social media company, he would receive an estimated $42 million.

Must Read:- 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Popular

More like this
Related