Investors will receive $US54.20 for each Twitter share they own in one of the biggest leveraged buyout deals in history.
Billionaire entrepreneur Elon Musk agreed to buy Twitter for $US44 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.
After rejecting an invitation to join the company’s board, on April 14 he offered to take Twitter private, saying he’d make the platform a bastion of free speech and dropping other hints about the changes he’d make as owner.The ideas verged from the practical -- say, letting users edit tweets and combating the spread of bots -- to the peculiar, such as a proposal to turn the company’s San Francisco headquarters into a homeless shelter.
Going private marks a dramatic turnabout for a company that got its start as a messaging service for sharing your status updates with friends, but quickly blossomed into a way for people to broadcast short posts of 140 characters or less to a public following. As recently as last week there was little clarity on whether Musk’s bid would succeed. The 50-year-old billionaire himself mused at a TED event the day it was announced that even he had doubts about its prospects.
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