Elon Musk and Twitter Inc. reached an agreement for the world’s richest man to buy the social networking platform for $44 billion, resolving the pressing question of whether the company’s board would consent to the leveraged buyout deal.
Twitter closed Monday at $51.70, short of the $54.20 that investors will receive for each share they own, and is little changed in pre-market trading Tuesday. The deal includes a provision that the billionaire must pay a so-called reverse break-up fee if he were to walk away or the agreement falls apart, Bloomberg News reported.
Private U.S. companies are generally limited to fewer than 2,000 shareholders, meaning most retail investors won’t continue to own Twitter if the buyout closes. After pledging shares to cover his $12.5 billion margin loan, Musk will still own unpledged shares in the car company worth about $21.6 billion, based on Tesla’s closing price Monday. After taxes, that sale would come close to covering his full commitment, though a lot will depend on the price he gets for the stock.
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