Elon Musk has pledged to fight spam bots and transform Twitter into a digital town square. The claims were true: Twitter has accepted Tesla CEO Elon Musk’s $44 billion offer to deal to buy and privatize the whole firm.
Elon Musk and Twitter Reach an Agreement:
According to the Wall Street Journal, Twitter worked all night to finalize the acquisition, which divided opinion on the ethics of such an aggressive takeover of a social media behemoth.
In mid-April, a significant Saudi Arabian investor (and prince) rejected Musk’s approach, indicating that Twitter was leaning against the deal. He argued that it didn’t compare to Twitter’s “intrinsic worth” or “growth possibilities.”
Musk retorted with a query about his company’s stance on journalistic freedom of expression. After all, this was his principal rationale for buying Twitter, which he described as a “platform for free speech throughout the world” in a two-week SEC filing.
On Monday, he wrote, “I hope even my harshest detractors remain on Twitter since that is what free expression means.”
The Tesla CEO’s bid was 38 per cent more than the stock price of Twitter before he revealed his 9.2 per cent interest in the firm earlier this month. Last week, he allegedly acquired $46.5 billion for the purchase, with $25.5 billion coming from a debt and margin loan and $21 billion from his own pocket.
Twitter’s price had increased to $51.60 (approximately) per share, virtually meeting his suggestion of $54.20 per share. The corporation is up 5% today alone on the New York Stock Exchange.
Despite this, Twitter’s independent Board Chair Bret Taylor stated in a news statement that the transaction is “the greatest way ahead for Twitter’s stockholders.” On speculations that the Twitter deal was being finished, Dogecoin – Elon Musk’s favourite cryptocurrency – soared 26 per cent today.
Elon Musk is in charge:
Musk had intended to join Twitter’s board of directors, but he pulled out after learning that his own share would be capped at 14.9 per cent. Now that he has complete control of the firm, he intends to enhance it in a variety of ways, including lowering censorship:
“I also want to make Twitter better than it has ever been by adding new features, opening up the algorithms to improve trust, beating spambots, and authenticating all people,” he said.
Jack Dorsey, the creator and former CEO of Twitter, is a huge supporter of open-source programming. He backed Elon Musk’s purchase of Twitter on Friday, but he believes that media should be an “open and verified protocol.”