Twitter (TWTR) Announces $2 Billion Accelerated Share Repurchase Agreements

Twitter, Inc. ("Twitter" or the "Company") (NYSE: TWTR) today announced it has entered into accelerated share repurchase agreements (ASRs) with Morgan Stanley & Co. LLC and Wells Fargo Bank, National Association (collectively, the "Dealers") to repurchase $2 billion of the Company's common stock. The ASRs were entered into pursuant to Twitter's recently announced share repurchase program, under which approximately $2 billion of share repurchase authorization will remain available upon completion of the ASRs.

Under the ASRs, Twitter will pre-pay the $2 billion purchase price to the Dealers and will receive an initial delivery of approximately 37.8 million shares of the Company's common stock, with any remaining shares expected to be delivered by the end of the Company's third fiscal quarter of 2022. The final number of shares to be repurchased will be based on the volume-weighted average price of the Company's common stock during the terms of the ASRs less a discount.

"This significant buyback is an important demonstration of our conviction in our strategy and our commitment to delivering shareholder value through disciplined capital allocation," said Ned Segal, Twitter's CFO. "Buying $2 billion of our shares in the near term, with flexibility to buy another $2 billion over time, enables us to balance our long-term strategy with returning capital to shareholders."

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