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Twitter accepts Elon Musk’s buyout deal with $44b, giving him full control of company

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The board of microblogging giant, Twitter, has finally accepted the buyout offer of $44 billion from Tesla’s billionaire owner, Elon Musk, to buy the company and take it private, the social media company confirmed on Monday.

The announcement effectively ends the controversy generated by Musk’s initial offer to buy the company at $54.20 per share, which translated to $43 billion, a few days after buying 9.2 percent of the company’s shares to become the single largest shareholder.

Musk’s first offer did not say at the time how he would finance the acquisition which made the Twitter board seek to fend off a hostile takeover by adopting a so-called “poison pill” that that could make a takeover attempt prohibitively expensive.

However, after initiating talks with the Musk team on Monday, the Twitter board came out with an announcement that it is selling the platform to the SpaceX owner in a deal valued at $44 billion.

“Twitter, Inc. today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company,” the company said.

While announcing the news in a statement shortly after successfully taking over the company, Musk said:

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.

“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

Bret Taylor, Twitter’s Independent Board Chair, said of the takeover:

“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

Musings From Abroad

US wants Africa to isolate Russia but won’t force its decision – Secretary Blinken

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Despite having seek support from the continent’s 54 countries in efforts to isolate Russia over its Ukraine invasion, the United States says it will not dictate Africa’s choices.

The US Secretary of State, Antony Blinken said on Monday, while presenting a new strategy document for sub-Saharan Africa at the University of Pretoria in South Africa’s capital.

The presentation is part of a continental tour that will also take him to the Democratic Republic of Congo and Rwanda.

“Too often, African nations have been treated as instruments of other nations’ progress, rather than the authors of their own,” said Blinken. “They have been told to pick a side in great power contests that feel far removed from daily struggles of their people.”

The strategy document stressed the threats posed by China and Russia to the United States’ interest in this increasingly important region.

Africa has been at the centre of the Russian/Ukraine war, with the two European countries being power houses in the supply of grains and other staple, the war has lunched in an era of high food cost in developing countries, largely African countries.

The continent has had a contingent of international guest lately. Recall  that Russian Foreign Minister Sergey Lavlov and French President Emmanuel Macron’s travel recently visited. Ukraine also announced that its Foreign minister will soon be visiting in a yet to be announced that.

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Musings From Abroad

Ukraine foreign minister to tour African states. Here’s why

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Ukraine President, Volodymyr Zelenskiy on Thursday revealed that its foreign minister will make a tour of African states this autumn.

The president’s office quoted Zelenskiy as saying at an online news conference for African media.

“I can’t do it now because of the war. I planned before the war, and I am sure that after the war I will do it,” The presidency said.

Africa has been at the centre of the Russian/Ukraine war, with the two European countries being power houses in the supply of grains and other staple, the war has lunched in an era of high food cost in developing countries, largely African countries.

The Ukrainian foreign minister’s visit will be the fourth in the series of strategic diplomatic visits to the continent in recent month by international leaders.

News broke on Monday that The United States Secretary of State, Anthony Blnken, is scheduled to tour Africa at a later date this month. That is shortly after Russian Foreign Minister Sergey Lavlov and French President Emmanuel Macron’s travel to three west African states where the European Union pledged to make Africa its focal point.

Despite the geographical distance, there are important ties between Ukraine and Africa, including more than 8,000 Moroccans and 4,000 Nigerians studying in Ukraine and over $4 billion in exports from Ukraine to Africa.

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