Wall Street Breakfast April 26: Twitter Agrees to $44 Billion Musk Buyout

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 26 April 2022

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

Twitter and its board on Monday came to a sale agreement with Elon Musk for $44 billion. Cenntro Electric Group shares are short circuiting after CEO Peter Wang began speaking and highlighting supply chain risks. Match Group rose after traders circulated a report that speculated the Tinder owner could be a possible target for Meta Platforms. Catch the WSB article here.

Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.
0:06.8	Subscribe to this podcast on Apple Podcast, Spotify or Stitcher.
0:11.1	Good morning. Today is Tuesday, April 26th, and I'm your host Julie Morgan.
0:16.0	Our top stories, Twitter, Central Electric, and Match.
0:20.6	Twitter agrees to an Elon Musk buyout.
0:23.0	What did the current CEO tell employees
0:25.0	about the future of the platform?
0:27.0	Central electric shares zapped by supply chain issues.
0:31.0	What did the CEO say about the upcoming quarters?
0:34.0	And has Match met its match with Meta.
0:37.0	Let's get into it.
0:38.0	Twitter and its board reached an agreement with Elon Musk for the billionaire to buy the social media platform for
0:44.2	$44 billion. The deal is for 54-20 a share in cash. This was
0:49.2	unanimously approved by the board and is expected to close this year.
0:53.7	Twitter will go private after the deal is done and the board will cease to exist.
0:58.0	5420 is a 38% premium to Twitter's closing price on April 1st.
1:03.7	Shares ended the day Monday up 5.7 percent at 5170.
1:08.9	Twitter Chairman Brett Taylor said the board conducted a thoughtful and comprehensive process to assess
1:14.8	Elon's proposal with a deliberate focus on value, certainty, and financing.
1:19.9	He said the offer is the best path forward for Twitter's stockholders.
1:24.0	In the same statement, Elon Musk called Twitter the Digital Town Square,
1:28.3	where matters vital to the future on humanity are debated.
	...

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