After going forth and back for a week, the Twitter board has finally agreed to Elon Musk’s buying bid. Elon has offered to buy out Twitter for $43 billion in an all-cash deal. Before this, Musk has acquired a 9.2% stake in the company but he refused to become a board member as it would’ve restricted him from extending his stake to a majority shareholder.
Elon Musk is currently the world’s richest man with a net worth of approx. $273 billion dollars. He is the CEO of electric carmaker Tesla and also runs the aerospace company SpaceX. Apart from this Elon is hyperactive on social media, especially on Twitter. Last month Elon has shared his concerns about increasing restrictions on Twitter. Maybe this was the reason behind his bid to get control of the social media company.
Elon Musk Purchases Twitter
Musk initially faced a negative outlook from the Twitter board after he offered to take full control of Twitter in exchange for a $43 billion all-cash deal. He termed his offer “Best and Final”. And now the Twitter board has accepted his offer. Twitter shareholders will receive $54 dollars per share after the deal gets through.
Musk has said that he will be taking the firm private as he intends to make some major changes to the social media company. After purchasing Twitter, Elon Musk tweeted that he would want even his worst critics to remain active on the platform.
I hope that even my worst critics remain on Twitter, because that is what free speech means
— Elon Musk (@elonmusk) April 25, 2022
Musk Confirms The News With A Message
Recently, Elon has raised concerns about the decline of free speech on Twitter. He even conducted a poll asking his fans to opine on the matter. Musk shared a special message on Twitter after the deal received the green signal from the Twitter board.
“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. 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,” he added.
????????♥️ Yesss!!! ♥️???????? pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
Elon further said, “Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
What Does The Future Hold For Twitter?
Right now there is no news on how this deal will affect Twitter management. Currently, Parag Agarwal is the CEO of the company, it is not clear if he will remain the same or if there will be a new face on board to lead the company.
“I don’t have confidence in management,” Elon has told the Twitter board In His offer document.
The deal will probably finalize later this year. After that, shares of Twitter will be delisted and the company will go private. Bret Taylor, chair of Twitter’s board, said it had fully assessed Mr. Musk’s offer and it was “the best path forward for Twitter’s stockholders”.
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