Elon Musk, owner of Tesla, bought the social network Twitter on Monday evening for the sum of 44 billion dollars. The stock is expected to be valued at $54.20 in cash per share.
After much speculation about the possibility of takeover of Twitter by Elon Musk, the deal was close to being concluded in recent hours.
The CEO of Tesla managed to convince the board of directors of Twitter to take over the social network. The US company’s board of directors then had a meeting to recommend that shareholders approve the deal.
The mentioned price was described by Tesla CEO Musk as his “best and last” offer to buy the social media platform.
In the wake of the impending announcement, trading in Twitter stock was abruptly suspended Monday on Wall Street pending the new takeover, according to the New York Stock Exchange NYSE.