Elon Musk is officially buying Twitter, plans to complete deal this year

Just as reported yesterday afternoon, Elon Musk is indeed buying Twitter. The company officially accepted the buyout offer last night, with plans to complete the deal before the end of the year. 

Thanks to the announcement, we can also clear up confusion on how much the deal is worth. Previously, the deal has been reported as valued at $41 billion, $43 billion and even $45 billion. According to Twitter's press release, the deal is worth around $44 billion at $54.20 per share, a price that Musk said would be his best and final offer.

The announcement also confirms how Musk will be financing the deal, including $25.5 billion in loans, and a $21 billion equity agreement. According to Bret Taylor, Twitter's Independent Board Chair, the board “conducted a thoughtful and comprehensive process to assess Elon's proposal”, and ultimately decided that this is “the best path forward for Twitter's stockholders”.

Speaking on the deal, Musk added that he believes in Twitter's potential, promising to improve it by “enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans”.

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KitGuru Says: It is now official, Elon Musk will soon own Twitter after years of being one of the site's most prolific users. Will this be a good or bad move for the platform moving forward? 

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