By Chris King • 25 April 2022 • 21:45
Elon Musk reaches agreement to buy Twitter for €41 billion.
An agreement has reportedly been reached today, Monday, April 25, between Elon Musk and Twitter, for the world’s richest man to purchase the social media platform for €41 billion ($44b).
This negotiation has been dragging on for a few weeks now, with Musk refusing to up his initial bid made on April 14. This is not a done deal, but it does indicate that the Space X boss is in the final throes of finally acquiring the social media giant.
Musk emulated another billionaire’s negotiating tactics – Warren Buffet – when he made his ‘best and final’ offer to the Twitter board, to take the company private. He later unveiled how his financing package comprised his own money, along with that of backers, and is his personal venture, not involving Tesla or any of his other companies.
Members of Twitter’s board and shareholders had originally fought to stop the takeover, but recently they appeared to change direction. According to sources, they claim that there is no ‘go-shop’ provision built into the deal. This means that once signed, Twitter can not solicit other bids.
Twitter is allegedly on track to meet its 2023 financial goals. Even so, some experts reportedly believe that this sale reflects an admission by the company that Parag Agrawal – who took over last November as chief executive – is not taking them in a more profitable direction, as reported by metro.co.uk.
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Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news.
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