Elon Musk now owns Twitter deal worth $44 billion

Finally, Elon Musk has completed the purchase of Twitter for $44 billion, or $54.20 per share, in cash.

HIGHLIGHTS

  • Elon Musk has finally bought a 100 per cent stake in Twitter.
  • Earlier this month, Musk purchased a 9.2 per cent stake in Twitter.
  • Musk believes Twitter has “extraordinary potential” and wants to unlock it all.

It’s a done deal. Finally, Elon Musk has completed the purchase of Twitter for $44 billion, or $54.20 per share, in cash. The microblogging site has been considering Musk’s offer for the past few weeks. “Extraordinary potential” was previously stated by Musk, who wants to unleash it all.

Twitter’s CEO, Parag Agrawal, was asked about the acquisition and replied, “With its global reach, Twitter serves an important role in our daily lives. We are incredibly proud of our people and motivated by their work, which is more crucial than ever before..” “The Twitter Board performed a thorough and systematic evaluation of Elon’s proposal, focusing on the project’s value, certainty, and finance aspects. We believe the proposed acquisition will provide Twitter stockholders with a significant cash premium and that it is the appropriate course of action in the future, “Twitter’s Independent Board Chair, Bret Taylor, made the observation.

Musk bought a 9.2 per cent interest in Twitter earlier this month. His 10.3 per cent position in the company made him the company’s second-largest stakeholder behind Vanguard. Parag Agrawal, CEO of Twitter, invited Musk to join the board, but the billionaire turned it down. Since then, Elon Musk and Twitter have been at odds.

Musk will make expected changes.

Elon Musk started the whole thing by asking Twitter users whether they wanted him to create an alternative to Twitter, which he argued didn’t “adherent” to their “right to freedom of speech.” To this, most Twitter users replied that they should instead buy the social media platform. He also claimed that Twitter restricts the freedom of free expression, which is considered the first thing he would fix as the owner of Twitter.

The billionaire has frequently criticised Twitter for limiting various viewpoints, notably former US President Trump, over the previous few years. At one point, Twitter claimed that Musk had violated its terms and guidelines by posting about coronaviruses. However, content filtering could be the first sign of a shift at Twitter, given Musk’s frequent references to the platform’s alleged lack of adherence to the principle of “freedom of speech.”

Tweeted Musk recently: “Democracy can only thrive if people can freely express their opinions. Do you think Twitter follows this rule to the letter?” Approximately 70 per cent of the 2 million people who took the survey said no.

The edit button may be on its way very soon, too, now that Musk owns Twitter. Despite this, Twitter has stated that it is testing the edit option. After testing the edit option with Twitter Blue subscribers earlier this month, the company plans to offer a stable feature version. Musk could help with the early availability of the edit button.

According to Musk, Twitter’s “most bothersome thing” is spam accounts or spambots, which he plans to eliminate actively. For example, people have been tricked into parting with cryptocurrencies by crooks posing as Elon Musk. In 2020, a bitcoin hoax was promoted using several high-profile Twitter accounts, including Elon Musk.

Tesla CEO Elon Musk recently slammed Twitter for focusing on promoting nonfungible tokens (assets confirmed on a blockchain) rather than tackling crypto spambots. While crypto scammers are holding spambot block parties in every thread, Twitter engineers spend their time and money on this “BS,” he said.

Musk’s ownership of Twitter might also lead to a more open-source version of the service. Some of its technologies are already available to the public, making it a partially open-source platform. There is “no sort of behind-the-scenes manipulation either algorithmically or manually” on Twitter, according to Tesla CEO Elon Musk at the recent TED (Technology, Entertainment, Design) conference.

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