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Twitter's board publicly and unanimously accepted the buyout offer for $44 billion, and Twitter was to become a private company once the transaction was completed sometime in 2022. [ 40 ] [ 41 ] Negotiations with Musk were led by the board's transaction committee, composed of Taylor, Martha Lane Fox , and Patrick Pichette . [ 42 ]
Using Twitter stock to fund the takeover, Twitter announced in July 2008 it had acquired Summize. Summize had six employees, all of whom joined Twitter except for Verdy. [1] The month of the acquisition, Twitter changed both its page for real-time searches and its search API to use Summize's product. [2]
On April 25, 2022, Twitter agreed to a $44 billion buyout by Elon Musk, CEO of SpaceX and Tesla, one of the biggest deals to turn a company private. [11] [12] On July 8, Musk terminated the deal. [13] Twitter's shares fell, [14] leading company officials to sue Musk in Delaware's Court of Chancery on July 12. [15]
The purchase price represents a 38% premium over Twitter’s closing stock price on April 1, 2022, which was the last trading day before Musk disclosed his approximately 9% stake in Twitter ...
Elon Musk’s purchase of Twitter could go down as the worst leveraged buyout (LBO) deal for banks since the 2008 global financial crisis in the latest worrying sign the deal is proving costly to ...
Musk's Twitter job cuts were partly driven by the need to save money for big debt payments. US government debt has also soared, leaving annual interest payments over $1 trillion.
Buyout firm Thoma Bravo LP has contacted Twitter Inc to express interest in putting together an acquisition offer that would rival Tesla Inc Chief Executive Elon Musk's $43 billion bid, people ...
On July 23, 2023, Musk announced X's launch, which would replace Twitter, which started when the X.com domain (formerly associated with PayPal) began redirecting to Twitter; [3] the logo was changed from the bird to the X the next day, [37] and the platform's official main and associated accounts also began using the letter X within their handles. [38]