Twitter Accepts Elon Musk's $54.20-a-Share Buyout Offer

2022/04/26 Innoverview Read

Twitter (TWTR) has accepted a $54.20-a-share buyout offer from Tesla CEO Elon Musk, valuing the social media company at about $44 billion in cash, according to a press release.

Once the deal is completed, Twitter will become a privately held company.

Twitter shares rose about 5.5% to $51.63 on Monday before trading was halted in the afternoon pending news. The $54.20 per share offer represents a premium of about 38% to Twitter's close on April 1, 2022, the last trading day before Mr. Musk disclosed his stake in Twitter.

Meanwhile the price of dogecoin (DOGE) surged more than 20% since reports of a deal being likely surfaced on Monday morning. Some investors speculate that Musk's fondness for DOGE mean it might play a bigger role in Twitter payments if he were to own the company.