How The World's Richest Person Bought Twitter

Tesla billionaire Elon Musk is officially buying Twitter. Musk is the world's richest person with a net worth of $268.2 billion (that’s over $96 billion more than Jeff Bezos who is ranked 2nd).

Twitter’s board has decided to sell the company, accepting Tesla billionaire Elon Musk’s offer of $54.20 per share in cash, which values the company at around $44 billion. Shares of Twitter added to recent gains and jumped more than 5% on Monday after the social media company formally accepted the buyout offer.

The transaction was unanimously approved by Twitter’s board of directors, with the deal expected to close later in 2022 pending shareholder approval.

Twitter was until recently expected to decline Musk’s offer to buy the company, but the board appeared to be more receptive to Musk’s acquisition offer in recent days, especially after the Tesla billionaire revealed in an SEC filing last week that he had secured $46.5 billion in financing.

Musk has secured $25.5 billion of fully committed debt and margin loan financing for the deal, and is providing an approximately $21 billion equity commitment, according to a press release.
Earlier this year, Musk became the richest person in the world, unseating Jeff Bezos who held that title for four years prior.