Elon Musk officially becomes Twitter’s owner for $44 billion
Twitter Inc. for $44 billion, using one of the biggest leveraged buyout deals in history to take private a 16-year-old social networking platform that has become a hub of public discourse and a flashpoint in the debate over online free speech.
Twitter was cool on the proposal at first, adopting a so-called poison pill defense that would effectively dilute Musk’s stake, but warmed to the notion after Musk outlined a $25.5 billion debt financing plan from Morgan Stanley and a who’s who of other global investment banks. Talks accelerated over the weekend.
Twitter adopted a poison pill as a measure to prevent Musk from buying up more than 15% of the company, while giving the board more time to consider his bid and plot its next move.
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