- Musk’s attempt to acquire Twitter for $54.20 per share has been accepted by the social media network, valuing the company at $44 billion.
- Musk reaffirmed in a press release that Twitter’s survival is contingent on “free speech,” even though the majority of his recommendations for enhancing the social network, such as new products, anti-spam measures, and algorithm transparency, were already in the works before he intervened.
- Elon Musk, CEO of Tesla, observed, “Free speech is the bedrock of a successful democracy, and Twitter is the digital town square where issues critical to humanity’s existence are debated.”
- On April 4, Twitter announced that Musk had acquired a 9.2% stake in the company for $3 billion, less than a month after he first came to Twitter to criticise social media platforms and Twitter itself for failing to perform certain things effectively.
On Twitter, Elon Musk is renowned for teasing and teasing out different ideas regarding his business interests, cryptocurrencies, politics, and life in general; now it appears like he’s making good on one of his greatest thoughts. Musk’s bid to purchase Twitter for $54.20/share has been approved by Twitter, valuing the social media network at $44 billion.
Following news of Twitter’s stock trading stop, the company released a press statement stating that it has accepted Musk’s proposal to take the social media platform private.
Twitter’s Independent Board Chair, Bret Taylor, stated, “The Twitter Board completed a careful and extensive process to analyse Elon’s bid with a deliberate emphasis on value, clarity, and finance.” For Twitter’s investors, we think that the proposed deal would provide a considerable cash premium, and we feel that it is the best way ahead. “
Musk reiterated in a press statement that Twitter’s future depends on “free expression,” even if most of his suggestions for improving the social network, such as new products, spam combating, and opening up its algorithms, were already in the works before he stepped in.
Tesla CEO Elon Musk stated, “Free speech is the backbone of a functional democracy, and Twitter is the digital town square where things essential to the survival of mankind are argued.”
Among my other goals are to improve Twitter by adding new features, making the algorithms open source in order to build trust, combating spam bots, and authenticating every human user on the platform. In order to help Twitter realise its full potential, I’m eager to get started on this project alongside Twitter and the rest of the user community.
What does Musk mean by “authenticating all humans”? Is he just referring to the continuing effort to purge the platform of spamming bots, or is he suggesting a new, more stringent policy for non-human automated accounts? If the latter is true, Twitter’s reputation as a social media network where helpful and sometimes amusing bot accounts may be found would be tarnished.
Following shareholder and regulatory approval and “the fulfilment of other normal closing conditions,” Twitter expects the acquisition to conclude this year. This contract isn’t final unless those issues are handled.
Reports that Twitter was considering a deal with Tesla’s Elon Musk came to light overnight, contradicting prior comments that the company preferred a poison pill.
Considering the magnitude of the transaction, the Twitter/Musk acquisition dance was surprisingly brief: On April 4, Twitter revealed that Musk had purchased a 9.2% interest in the firm for $3 billion, less than a month after he initially came to Twitter to slam social networks and Twitter itself for what it wasn’t doing properly.
A seat like that of a Musketeer quickly appeared on the board but was quickly yanked out of the way. Over what they thought to be an obvious manipulation of the stock price, investors sued Tesla CEO Elon Musk.
And what about Musk? Musk reaffirmed his position, saying that he would like to acquire the whole platform. This occurred on April 14th.
It was rejected by the board, and word of the poison pill went global in the world of business technology.
When Tesla CEO Elon Musk explained how he would fund such a transaction, becoming the world’s wealthiest person on paper, everyone began to take him more seriously. When it comes to money, there are no secrets.
Rumours started to spread overnight, or yesterday night, that Twitter might not want to buy Instagram.
A lot of people are going to be outraged by this news because Tesla CEO Elon Musk has a propensity to polarise and Twitter has a tendency to polarise.
What this means for Twitter as a company will be interesting to observe. Also, it’s worth keeping an eye on what Tesla CEO Elon Musk has in mind. Iconic assets such as yachts and private jets aren’t exactly new, but media moguls’ acquisition of media enterprises is.
As a long-time Twitter power user, it’s probable that Musk would approach this as more than an investor’s vanity move or a strictly financial one. “Twitter Power User” He has plans. If you don’t like him, at the very least you have to agree that he is intelligent.
Perhaps he has aspirations to make Twitter into a larger, more lucrative company. Because it’s an expensive toy and an effective way to boost other interests, Twitter may be the best option for him at this point (which is, for all intents and purposes, the only thing we have proof of him using Twitter for so far). If he gets his way, he will have a mouthpiece he can manipulate to his heart’s content.