The Twitter Board Accepts Elon Musk’s Offer to Buy the Platform for $44 Billion!
A $44 billion offer from SpaceX and Tesla founder Elon Musk to purchase Twitter and turn it into a private corporation was accepted by the company’s board of directors on Monday, according to the company’s announcement.
As a result of the agreement, Twitter investors would receive $54.20 in cash for each share of the company’s stock, a 38 percent premium to the company’s April 1 stock price — the final trading day before Musk disclosed his approximately 9 percent ownership in Twitter.
The statement came after reports surfaced that Musk would proceed with his plan to purchase all of the company’s outstanding shares, which he did not already possess.
The following is what Musk had to say in a statement: “Free speech is the foundation of a functional democracy, and Twitter is the digital town square, where issues critical to the future of humanity are debated.”
In addition, I want to make Twitter even better than it already is by adding new features, making the algorithms open-source to promote trust, combating spam bots, and authenticating all human users.
“Twitter has immense potential, and I look forward to working with the company and the Twitter community to help it realize that promise.”
“The Twitter Board conducted a rigorous and extensive process to evaluate Elon Musk’s bid, with a deliberate focus on value, certainty, and finance,” said Board Chairman Bret Taylor.
The proposed transaction will result in a significant cash premium for Twitter shares, and we believe it is the right course of action for the company’s stockholders.”
Twitter is not living up to its potential as a communications behemoth, according to Elon Musk, who is 50 years old and has been a vocal critic of the social media network for a number of years.
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Tesla CEO Elon Musk predicted that Twitter would realize its “amazing potential” as a private firm under his ownership. Critics, on the other hand, point out that Musk has demonstrated a habit of not accepting criticism and of publicly mocking others on Twitter.
Following Musk’s decrying the platform’s decisions to ban some offensive posts as censorship, some fear that the platform under his leadership will institute a hands-off policy on content intended to incite social unrest.
Musk has previously stated that the platform’s decisions to ban some offensive posts were not censorship.