Elon Musk Officially Acquires Twitter; Co-founder Jack Dorsey Says Musk “Is the Singular Solution I Trust”

Elon Musk finally acquired Twitter.

The company confirmed in a press release that it had accepted Musk's offer to take the social network private. Twitter's board of directors has accepted Musk's offer to buy the publicly-traded company for $54.20 per share, acknowledging the social media platform's valuation at $44 billion.

Elon Musk Twitter Acquisition

Elon Musk's Twitter acquisition has now been approved by its board members. Musk has been a notable user of the platform, making him one of its most popular figures.

SpaceX and Tesla's CEO has always been notorious for tweeting meme-worthy and controversial statements affecting cryptocurrency and NYSE stock price movements.

Musk started buying Twitter stocks in January, and by March, he already owned 5% of the social media platform. This April, Musk made headlines after acquiring 9.2%.

As Twitter agrees to be acquired, this caps off Musk's whirlwind journey in convincing Twitter's board to buy the platform — from buying Twitter stocks consistently, financing, planning, and executing plan B, to successfully owning perhaps the most influential platform in the world.

Musk stated, "Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated."

Following the completion of the proposed transaction, Twitter investors will receive $54.20 in cash for each share of Twitter common stock that they possess, according to the terms of the deal. Twitter's closing stock price on April 1, 2022, which was the final trading day before Mr. Musk announced his approximately 9% ownership in the company, is 38% more than the current market price.

Twitter's Independent Board Chair, Bret Taylor, said, "The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing."

Taylor added, "The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders."

As per CNN, Musk stated, "I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential - I look forward to working with the company and the community of users to unlock it."

Elon Musk has obtained $25.5 billion in fully committed debt and margin loan funding, and he is committing an additional approximately $21.0 billion in equity.

On Twitter's board, everyone agreed. The deal is expected to close in 2022, subject to the approval of Twitter stockholders and other closing conditions, such as getting regulatory approvals and meeting other requirements.

Jack Dorsey's Confidence in Twitter Takeover

Twitter's co-founder, Jack Dorsey, has approved Musk's acquisition of the social networking site he co-created in 2006. After the announcement of Twitter's acquisition was made public, Dorsey posted a link that led to a song by Radiohead, "Everything In Its Right Place" on Spotify.

In a series of tweets, Dorsey expressed his support for Musk and what he believes is best for his company. The co-founder said, "I trust his mission to extend the light of consciousness."

He also added that Elon "is the singular solution I trust."

As part of a series of tweets, Dorsey posted, "In principle, I don't believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. However, to solve the problem of it being a company, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.