Twitter agrees to takeover bid by Elon Musk
Twitter agrees to takeover bid from Tesla CEO Elon Musk. The richest man on the planet puts down $44 billion for the social media company.
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Twitter and Elon Musk
Elon Musk, the CEO of Tesla and the space company SpaceX, suddenly bought 9.2 percent of Twitter’s shares early this month. Elon Musk indicated that he was critical of the social media company. He felt that Twitter suppresses opinions on the platform. He wanted to take the company off the stock exchange and promised to unlock the “full potential” of Twitter after the acquisition. At first it seemed that Twitter did not want to be taken over by the billionaire, but a little later it turned out that the board wanted to look again at the possible takeover deal.
This morning, insiders indicated that the talks between Twitter and Musk were in the final phase. Trading in Twitter shares on the New York Stock Exchange was also temporarily suspended. That signaled news around the social media company, and that news is here now. Twitter eventually agrees to the mega deal. Regulators will study the deal in depth in due course, but Twitter and Musk plan to finalize negotiations further this year.
Criticism of Musk
Musk has previously strongly criticized Twitter for believing the platform would restrict freedom of expression. He also asked his followers if they would like to see an edit button for tweets.
According to Bloomberg news agency, Musk is the richest man in the world with a net worth of $259 billion. Twitter had 217 million daily users at the end of 2021. Compared to Facebook, that’s a pittance. This subsidiary of Meta had approximately 1.9 billion daily active users in December.
What do you think of this mega deal? Will it bring more freedom of expression on Twitter? Or not? Leave your comment below this article.
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