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Elon Musk Family Office Excession LLC to Acquire Twitter for $44 Billion, $25.5 Billion Loan & $21 Billion Equity
29th April 2022 | Hong Kong
Elon Musk, through his family office Excession LLC, has entered into an agreement to buyTwitter Inc for $44 billion ($54.20 per share, 38% premium to 1/4/22 price) with $25.5 billion of fully committed debt & margin loan financing and $21 billion of equity.Elon Musk is the world’s richest man with estimated fortune of $230 billion to $280 billion, and his family office Excession LLC is led by former Morgan Stanley Jared Birchall.Goldman Sachs, JP Morgan, Allen & Co. are serving as financial advisors to Twitter, and Wilson Sonsini Goodrich & Rosati, Professional Corporation and Simpson Thacher & Bartlett LLP are serving as legal counsel. Morgan Stanley is acting as lead financial advisor to Mr. Musk. Bank of America Securities and Barclays are also acting as financial advisors.Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.Elon Musk:“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.”
“ Elon Musk Family Office Excession LLC to Acquire Twitter for $44 Billion, $25.5 Billion Loan & $21 Billion Equity “
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Elon Musk, Twitter
Elon Musk Family Office Excession LLC
Elon Musk is the world’s richest man with estimated fortune of $230 billion to $280 billion, and his family office Excession LLC is led by former Morgan Stanley Jared Birchall.
Bret Taylor, Twitter Independent Board Chair:
“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.”
Parag Agrawal, Twitter CEO:
”Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”
Elon Musk:
“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.”
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