Elon Musk Finalized to Buy Twitter for USD 44 Billion.
On Monday, Elon Musk agreed to buy Twitter for $44 billion, transferring ownership of the social media network used by millions of people and world leaders to the world’s richest person.
The deal’s discussions quickened over the weekend when Musk wooed Twitter shareholders with financial details of his bid, which appeared doubtful last week.
As a result, Twitter began negotiations with Musk to buy the firm at the proposed $54.20 per share price under duress.
It’s a watershed moment for the 16-year-old firm, which rose to become one of the world’s most influential public squares but now faces many obstacles.
Musk, a self-described “free speech absolutist,” has slammed Twitter’s censorship.
He wants Twitter’s algorithm for selecting messages to be made public. However, he opposes giving advertisers too much control over the platform.
Political activists predict that there will be less moderation under a Musk administration and the reinstatement of prohibited individuals such as former President Donald Trump.
Musk has also campaigned for changes to the service to make it more user-friendly.
It includes an edit button and a way to combat “spambots” that send out many unwelcome tweets.
The deal’s discussions quickened over the weekend when Musk wooed Twitter shareholders with financial details of his bid, which appeared doubtful last week.
Twitter began negotiating with Musk to buy the firm at Musk’s suggested $54.20 per share price under duress. find out more
In a statement, Musk added, “Free speech is the core of a functional democracy, and Twitter is the digital town square where subjects crucial to humanity’s future are debated.”
Late Monday, former Twitter CEO Jack Dorsey tweeted about the arrangement, thanking Musk and new Twitter CEO Parag Agrawal for “pulling the company out of an impossible situation.”
“My only gripe with Twitter has always been that it is a for-profit company. Wall Street and the advertising model have both owned it. Taking it back from Wall Street is the first step in the right direction,” he stated
On Monday, Twitter’s stock surged 5.7 percent to $51.70. The purchase price is over 40% more than the closing price the day before Musk announced his purchase of more than 9% of the company.
Eric is a professional news editor, writer, and blogger for the last 10 years. He is working with NewsGater as an off-beat news editor cum writer.