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.
I hope that even my worst critics remain on Twitter, because that is what free speech means
— Elon Musk (@elonmusk) April 25, 2022
Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important. https://t.co/5iNTtJoEHf
— Parag Agrawal (@paraga) April 25, 2022
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.
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