Finally, Elon Musk has completed the purchase of Twitter for $44 billion, or $54.20 per share, in cash.
It’s a done deal. For $44 billion, or $54.20 per share, Elon Musk has finally completed his purchase of Twitter’s entire stock. Recently, the microblogging site has been examining Musk’s proposal. Previously, Musk stated that Twitter had “amazing potential” and that he wants to unleash it all.
Twitter’s CEO, Parag Agrawal, spoke about the acquisition in the following words: “Twitter serves a purpose and has a global impact. We are incredibly proud of our people and motivated by the work they are doing, which is more crucial than ever before.”
“Elon’s proposal was evaluated by the Twitter Board in a methodical and thorough manner, with particular attention paid to its value, certainty, and financial viability. We believe the proposed acquisition will provide Twitter stockholders with a significant financial premium and that it is the appropriate course of action going forward “Bret Taylor, Twitter’s Independent Board Chair, made the observation.
Musk bought a 9.2 percent interest in Twitter earlier this month. He became the company’s second-largest stakeholder, after only Vanguard, which had a 10.3% holding.
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.
Changes to be brought about by Musk
When Musk asked Twitter users if they wanted him to build another social media site since Twitter doesn’t conform to the right to free expression, things got started last month. To which, most users argued that he should acquire Twitter instead. When he takes over Twitter, Tesla CEO Elon Musk has said that he intends to fix Twitter’s free speech issues first.
The billionaire has frequently questioned Twitter’s censorship of various viewpoints, particularly that of former US President Donald Trump, during the last few years. At one point, Twitter claimed that Musk had violated its terms and guidelines by posting about coronaviruses. Content filtering could be the first sign of a broader shift at Twitter, given Musk’s frequent claims that the social media platform does not adhere to the principle of “freedom of speech.”
Musk tweeted recently: “For a democracy to work, the right to free speech must be guaranteed. It is your opinion that Twitter strictly complies to this rule.” Nearly two million people were asked, and roughly 70% of them said no.
With the acquisition of Twitter by Tesla CEO Elon Musk, we may soon see an edit button. Despite this, Twitter has stated that it is testing the edit option. To begin with, Twitter Blue subscribers will have access to the edit feature, which will then be made available to the general users. Sure, Musk would be a big help in the early introduction of the edit button.
The removal of spam accounts and spambots, which Musk considers Twitter’s “most annoying thing,” is another area where he is likely to be highly engaged.
Scammers have been impersonating Tesla CEO Elon Musk for the past few years in order to convince individuals to give over cryptocurrencies. In 2020, a high-profile Twitter account belonging to Tesla CEO Elon Musk was hacked in order to promote a bitcoin hoax.
Tesla CEO Elon Musk recently slammed Twitter for focusing on promoting nonfungible tokens (assets confirmed on a blockchain) rather than tackling crypto spambots. To put it another way, Twitter is devoting engineering resources to this “bs” while crypto scammers host spambot block parties in every thread.
The new owner, Tesla CEO Elon Musk, may also lead to a more open-source Twitter. Some of its technologies are already available to the public, making it a partially open-source platform. Musk, on the other hand, stated that Twitter should be more open source since “there’s no sort of behind-the-scenes manipulation, either algorithmically or manually.”
