Elon Musk Is About to Drop $44 Billion on Twitter | How It All Happened, Plus What’s Next

 

Twitter’s Board of Directors has just agreed to sell the social media service to Elon Musk for a whopping $44 billion — an amount that would make it one of the largest corporate buyouts in history. However, there are still several more hurdles to be cleared before Musk officially takes ownership of Twitter. With today’s unanimous Board approval, he’s just cleared the first, and one of the biggest, obstacles.

The decision concludes the drama that began earlier this month when Musk announced that he had acquired 9.2 percent of Twitter stock, worth about $2.89 billion. This made him Twitter’s largest shareholder for a brief period.

Following his announcement on April 4, Musk was also offered a seat on Twitter’s Board of Directors, but only on the condition that he agreed to acquire no more than 14.9 percent of the company’s stock.However, Musk’s holdings were surpassed when Vanguard Group, an asset-management company, upped its stake in the platform to reach 10.3 percent.