Elon Musk. Image sourced from CNBC
After weeks of back-and-forth discussions with the company’s board, Elon Musk, a South African-born business entrepreneur, has finally clinched the contract to purchase Twitter.
The wealthy entrepreneur decided to pay $44 billion for the well-known social networking business. Bloomberg reports that on Monday, investors will receive $54.20 for each Twitter share they possess.
In a message to staff in mid-April, the business’s CEO, Parag Agrawal, stated that the company’s largest shareholder, who just purchased a 9.2 per cent stake in the company, would not be joining the board. According to sources, joining the board would have restricted Musk’s future stock purchases to less than 14.9 per cent of the firm.
Since then, the renowned billionaire has been tweeting his thoughts on Twitter, including what needs to change and if a new social media network is required. Instead, he purchased the firm and now owns it completely.
The following are some of Musk’s criticisms of Twitter:
- “Biased” algorithms and feeds
- Automated junk posts
- Absence of an edit button
- Lack of free speech
“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,” said Bret Taylor, Twitter’s Independent Board Chair.
“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,” said Twitter CEO Parag Agrawal.
This is how social media reacted to the news:
