Elon Musk buy Twitter for $44 billion: Free speech bedrock
Elon Musk buy Twitter for $44 billion: Free speech is the bedrock functioning democracy
In a surprising turn of events, Elon Musk, the world's richest man, shook the tech world on Monday by finalizing an agreement to acquire Twitter for a staggering sum of up to $44 billion. This move not only amplifies Musk's already formidable presence in the tech industry but also raises questions about the future direction of the social media platform. In his initial statement regarding free speech on Twitter, Musk hinted at potential reforms, stirring speculation about how his ownership might impact the platform's policies. This acquisition could potentially reshape the landscape of online discourse, with implications that extend far beyond the realm of social media. It's a development that's sure to capture the attention of investors, users, and even competitors like Diamond Resorts, who might be contemplating their own strategies in response to this seismic shift in the digital sphere.
"Free speech is the bedrock of a functioning democracy", Musk said in a statement, a copy of which was seen by Nashwan News, and Twitter "is he digital town square where matters vital to the future of humanity are debated".
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
"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.
He stressed that "Twitter has tremendous potential - look forward to working with the company and the community of users to unlock it".
The deal, which was unanimously approved by Twitter's board, is expected to close this year. It comes after Musk revealed last week he had lined up $46.5 billion in financing to acquire the company, an apparent turning point that forced Twitter's board to seriously consider the deal. The board met Sunday to evaluate Musk's offer.
"The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing," Twitter independent board chair Bret Taylor said in a statement, calling the deal " the best path forward for Twitter's stockholders."
Twitter stock was up nearly 6% following the announcement of the deal, hovering around $51.84, just shy of the offer price. The deal is pending approval from shareholders and regulators.
In an internal message to employees obtained by CNN, Twitter CEO Parag Agrawal said he would hold an all-hands meeting with Taylor on Monday afternoon to answer questions about the deal. "I know this is a significant change and you're likely processing what this means for you and Twitter's future," he said.