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LAST UPDATE | 25 Apr 2022
SOCIAL MEDIA GIANT Twitter has agreed to sell the company to billionaire Elon Musk for $44 billion.
The agreement was a dramatic shift for the board, which had originally maneuvered to block Musk from taking the social media network private.
The agreed sale is worth approximately €38 billion.
“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,” Musk said in a joint release announcing the takeover.
“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.”
Under the agreement, Twitter shareholders will receive $54.20 in cash for each share of common stock they own when the transaction is closed.
This is a 38% increase on the share prices the day after Musk announced that he had taken a 9% stake in Twitter.
In the statement, Twitter CEO Parag Agrawal said: “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.”
The sale was unanimously approved by Twitter’s Board of Directors just days after they had adopted a “poison pill” defence against Musk’s proposal to take over the company.
“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,” said Bret Taylor, Twitter’s Independent Board Chair.
Musk had previously said last Thursday that he had secured close to $46.5 billion to finance the acquisition, but also that he planned to appeal directly to the company’s shareholders as he looks to take over the social media platform.
A team of banks led by Morgan Stanley — which is also acting as Musk’s main advisor on the purchase — will provide debt and margin loan security of $25.5 billion while Musk himself plans to provide $21 billion in equity.
Musk has previously cited concerns over freedom of speech as motivation for buying the platform, though free-speech experts have pointed to Musk’s unpredictable statements and history of bullying critics as contradictory to his stated aims.
He “made his pitch to select shareholders in a series of video calls, with a focus on actively managed funds… in hopes that they could sway the company’s decision,” sources told the Wall Street Journal.
On Wall Street, Twitter stock was trading 5.9% higher at around 7.15pm.
Musk, who has complained of overzealous moderation on the platform, bought a nine-percent stake in Twitter earlier in April, then offered to buy the whole company outright, citing a mission of preserving free speech.
While the firm’s board initially said it was reviewing his offer, it later rebuffed him and adopted a “poison pill” plan that would have made it harder for Musk to acquire a controlling position.
Last week, Musk — whose immense wealth stems from the popularity of Tesla electric vehicles as well as other ventures — said he had lined up financing.
Despite Musk’s wealth, the question of financing had been seen as a potential stumbling block because much of his holdings are in Tesla shares rather than cash.
In a filing, Musk had pointed to a $13 billion debt facility from a financing consortium led by Morgan Stanley, a separate $12.5 billion margin loan from the same bank, as well as $21 billion from his personal fortune as being behind the deal.
Musk’s efforts have raised hopes about the commercial potential of Twitter, which has struggled to achieve profitable growth despite its influential spot in culture and politics.
Under Agrawal, who took over as Twitter CEO late last year, the company has made progress on new monetization features, such as subscription products, Truist securities said in a note, adding that “short term, Musk’s involvement at this stage runs the risk of disrupting those efforts.”
But the polarizing Tesla chief’s campaign has also sparked concern among technology and free-speech experts who point to Musk’s unpredictable statements and history of bullying critics, which contradict his stated aims.
Progressive group Media Matters for America warned that Trump, who was banned from Twitter after last year’s assault on the US Capitol by his supporters seeking to overturn the 2020 presidential election result, could return if Musk’s purchase goes through.
“Any negotiations to sell Twitter to Musk must include clear enforceable mechanisms to uphold and maintain existing community standards, including the removal of those who violate those standards,” the group’s president Angelo Carusone said in a statement.
Additional reporting by Tadgh McNally and Ian Curran
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Another great Dubliner gone..
The Chinese have a saying about this kind of person. When someone like this dies a library has been burnt down. RIP.
Life really isn’t fair.. This man contributed so much to Irish society and I’m sure he left tourists and Irish people with a smile on their faces anytime they met. Then we have the other side of Dublin people, the scrouts that kicked that poor man in the face.. They’ll probably live to 80 and contribute nothing to society. Just live off the rest of us hard working people..
I’m so very sorry to hear this. He had the skills of his dad Eamonn, a man I listened to avidly on both radio and TV, hoping, because he was so brilliant, that he’d never pass away. His son did him proud, but didn’t spend long enough with us. R. I. P
R.I.P Shane
Shane was an outstanding expert on everything that had to do with Glasnevin. He was a passionate historian and was able to explain and weave stories to make every little bit of history interesting and exciting. I would dare to say that he left a lasting impression on anybody he met and his sudden death is a big loss. Very very sad!
Rip a passionate historian the world is a poorer place. sympathies to his family and friends
A loss to everyone interested in Irish history. RIP.
A loss to Ireland and to mankind – not enough people on Earth like Shane i’m afraid …RIP great inspirational man
That is sad news. A gentleman of the highest order.
Jaysis stunned. Only a young man. Remember bringing a group and getting the tour from Shane. Great day out. Rip shane
What a lovely man, he will be greatly missed. RIP.
A lovely man just like his late Dad RIP
Great loss for Dublin, it’s rare these days to find a man with such energy and passion in his work
Suan síoraí, a chomrádaí!
RIP Comrade. x
Passionate – in everything he said and did .
Immensely proud , in all the right ways and reasons .
Poblachtanach – like all before him.
Great respect for all victims of wars .
Immense loss to history , but most of all , I’m sure to his immediate Clann.
Immensely proud and honoured to have enjoyed our relatively short friendship .
Having enjoyed the friendship and kinship of his Athair and his Godfather , in another earlier and similar glorious if darker era, in Irish History.
He will be sorely missed by everyone he touched and beyond !
Deeply saddened by the news, a man I knew many years, a decent guy, a great historian, and an Irish Republican. Slán go fóill Shane.
RIP Shane MacThomais
RIP Shane.
Rest In Peace Shane
An immense loss! He will be sadly missed! RIP SHANE!
This is sad news.
Shocked to hear the sad news of Shane’s untimely death. RIP. He was a superb guide, innovator and motivator. A great friend and force for change at Glasnevin. He will be greatly missed by all.
It was such a shock to hear about Shane this morning, a wonderful and vibrant man full of knowledge and stories. I had the good luck to be on a guided tour with him and a group of others last August, a very funny, personable and interesting man,.
RIP Shane and my condolences to his colleagues in Glasnevin Museum and to his family.
Ah what a pity. Farewell Shane MacThomais.
A huge void really like him so much like his dad.
I met him once at the Museum. One meeting ill always remember.
I was very sad to hear the news, and there’s little more tribute I can offer than the many condolences already voiced.
Separately however, I find it odd how a few of red thumbs down have been put on practically every comment, even ones as innocuous as simply ‘RIP Shane’; isn’t it odd how some people behave at the demise of another? I feel truly sorry for them. Shane may be prematurely dead, but – unlike some others – at least he had a great life, with a true passion for a topic which he generously shared with anyone and everyone. May he rest in peace.
Dublin has lost its heart today. So long Shane..
Ignore them Nigel
Very sad news. Heard him on the radio a few times – made history vibrant. People like Shane make you realise why history should stay as a core subject on the Junior cert curriculum. My loss that I never took his tour.
RIP – heard Shane on Newstalk with George Hook not long ago touring Glasnevin – sound like a nice guy with a wealth of Knowledge and someone who enjoyed going to work each day.
RIP. He was a great and passionate historian.
RIP.
Listen to him many times on the Radio, his passion & energy were infectious, a genuinely entertaining & proud Irishman. If I can be permitted to make a seemingly unrelated but salient point, this is exactly the sort of person who the state should support in life & honour in death. When you remember that Charlie Haughey got a state funeral with all the trappings & his dumb & dumber acolytes Bertie Ahern & Brian Cowan will get the same taxpayer funded pomp & ceremony when they die, it makes you wonder where & why did this great country of ours go so horribly wrong ! My deepest sympathies to all of Shane’s family & friends.
Well said Edmond. Couldn’t agree with you more.
RIP Shane, you were a big inspiration to me and to others that knew you.
I heard the news as I was going to work this morning and instantly felt a cloud over me. I knew of Shane’s dad from a number of different things and really enjoyed his approach to things. I met Shane in Glasnevin years ago when I was in my first year of a history degree at university. Even though he was the man everyone was listening to he kept taking time out to ask about what aspects of history I was interested in and what parts I was studying at Uni. When the tour was over he wouldn’t accept any money from me and wished me good luck with the rest of my studies. We had each other’s contact details and when I finished my degree I began doing various articles on Irish history for different history sites and mags. He was really complimentary and encouraging to me and what I was doing. This meant a hell of a lot to me because of who he was and the historical pedigree of his family. I’ll never forget the generosity of spirit he showed to me.
Very saddened to hear of Shanes passing. R.I.P.
We were friends in our 20′s. I am shocked and saddened by the news.
Absolutely shocked to learn of Shane’s death. He was the perfect Dubliner and a gentle man. Slan go Foll a chara.
Was he related to Eamon macthomas?
He was Éamonn’s son.
Nicola, thanks and I thought so.
Eamonn was a great storyteller as well.
Eamonn was his “Da” as he told a group of us from Cork he showed around Glasnevin. A great Republican.
his dad.
Very sad, he really brought the whole history of Glasnevin and its residents to live ( pardon the pun ) He will be missed.
I met Shane 10 years ago. I found him to be extremely nice and pleasant person who always had time for a chat. I’m sorry I never did his walking tour of Dublin. Slan go foil a chara.
I am really sad to hear about the passing of Shane. I thoroughly enjoyed his tour of Glasnevin and he hat the wit and charm of his Father. Ar dheis Dé go raibh a anam
http://www.youtube.com/watch?v=5L7O7oU47n4 RIP Shane will miss your wicked sense of humour and all your contributions about our Fair City. Sleep tight up there with your beloved Dad
Such sad news. RIP xx
I had the pleasure of knowing and working in the same establishment with Shane, A great man, Everyone who knew him instantly loved him, it Will be weird Not Seeing him stroll around the cemetery, or to have him come in for an Americano in the cafe, RIP Shane, your legacy within glasnevin will never fade, gone but Certainty never will you be forgotten,
Sad sad News, RIP Shane.
I am so, so sorry to hear this news. He had an incredible bank of knowledge and a unique way of communicating it, and I imagine he made a big impression on anyone who ever met him – I know he did on me. A huge loss to Dublin city and my sympathies go to his family, friends and colleagues at Glasnevin Cemetery.
His knowledge of, & passion for, Irish history & heritage was unsurpassed.
Ar dheis Dé go raibh a anam
Fantastic ambassador and his tour was always delivered with such knowledge, engagement and illumination. A great loss. RIP
So so sad to hear this tragic news! As a former History student in TCD, I had the pleasure of meeting Shane during a tour of the cemetery and witnessed first-hand his clear passion & knowledge of Glasnevin Cemetery. I subsequently did my dissertation on the formation Glasnevin Cemetery and Shane kindly offered his wise words & knowledge to me on the subject… Will be forever grateful to him. May he rest in peace.
Ah that’s sad to hear, did his tour and always meant to do it again, very enjoyable day out, seems like a fitting tribute that he passed away in the cemetery which he knew so much about, he’ll be sadly missed, condolences to his mother and sisters
Such a shame. The good often die too young; a good life cut short. Those horrible guys that kicked the Brazilian in the head on St. Patrick’s Day will probably be around draining our resources to old age. Life is so unfair sometimes.
R I P Shane
I was shocked to hear of the sudden passing of Shane. A true son of Ireland and a most charismatic character. I was lucky to have been given a personal guided tour of the cemetery along with 2 friends. Shane had a great passion for Ireland and it’s wonderful history. He will be missed by many and I am all the richer in my knowledge of Irish history for meeting him. God bless Shane
That’s dreadful, was on the Glasnevin tour only yesterday, had hoped he would be the guide. Didn’t realise he had just passed away before I arrived. RIP, I also did some work with his dad.
Farewell Shane…a sad loss to us all
There is a Facebook page, Shane Mac Thomais remembered, if anyone likes to join.
Will be sadly missed like his late dad may he rest in peace
I’ll miss the banter but mostly the man. I’m devastated to hear of his death.
RIP Shane. A gentle man with knowledge wit and sunny disposition. Took walks with his Dad and did the tour with Shane in Glasnevin. Am sorry I won’t get the chance to do another tour with him. It was fitting that he passed away in a place he worked so hard to educate people about and in which he was fascinated with. It’s a wonderful tribute to him that Glasnevin cemetery is such a popular place to visit. He made it live again. Gone but never forgotten and am quite sure he will be still be quietly walking around checking up on things.
Rip…. He will be missed
I met him once, sleep easy Shane
He was a true legend RIP
What a sad loss great historian like his Father before him ,His column in The Northside People was an informative read R I P Shane
so sorry for the family
A tour of Glasnevin will surely not be the same without his eloquent true tales of those who lie in that cemetery. He hailed from a strong Republican tradition, but was not in any way subjective, as he told the stories of the dead in Glasnevin. Ar dheis dé go raibh a anam.
Sorry to hear of the death of a great person RIP
RIP Shane you were indeed a star gone but not forgotton
Some people can show the best of themselves so easily
naturally lighting up and sharing that light
finding themselves in their right place
seemed a wonderfull space to be
and now occupying a place in our history and our hearts
Colette
some people can show you who they are so easily
naturally lighting up and sharing that light
finding themselves in their right place
seemed like a wonderful space to be
and now occupying a place in our history and our hearts
Colette Bradley
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