After a series of ups and downs, the bird gave in
After a series of decisions, Elon Musk can finally buy all of Twitter at an undisclosed amount of USD44 billion at $54.20 per share. Musk said Twitter had a “tremendous potential” when he announced his bid to buy the company two weeks ago.
When he finally gets his hands on Twitter, his objective was to relax restrictions and eradicate fake accounts, along with enhancing free speech on the platform.
“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,” Musk said in a statement. “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.
The quote about free speech came from pressure in the political space and other content that it regulates on the platform, with many critics accusing the company of being a hivemind for misinformation
Under the terms of the acquisition, Twitter stockholders will receive $54.20 per share of Twitter common stock that they own upon closing the transaction.
Twitter’s board of directors has responded to this planned acquisition which started about two weeks ago. Bret Taylor, Twitter’s Independent Chairperson said “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Twitter’s CEO Parag Aragwal said “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”
At the same time, Twitter will release its fiscal earnings report on 28th April for the first quarter. In light of the upcoming transaction, Twitter refused to hold a conference call.
Musk himself has about 80 million Twitter followers and within his time on the platform, he too has a set of controversies. In 2018, US Financial regulators has accused Musk of misleading Tesla investors, which he has continuously denied and claimed that this accusation has been solved through a USD 40 billion settlement.
In 2019, he was hit by a defamation suit which he won over. The defamation involved calling a Thai diver a pedophile on the platform.