Twitter agreed to accept Elon Musk’s offer to buy all social media platform shares for approximately $44 billion. Board members announced the deal was made, and Musk would buy the platform for $54.20 per share.
The board conducted a comprehensive assessment of Musk’s offer. The independent board chair Bret Taylor believes the deal is “the best path forward for Twittter’s stockholders,” according to CNN.
Musk talked about his goal to take over the platform and that it comes from his criticism of the free speech practices on Twitter. He has been very vocal about the platform’s perceived faults.
Changes Musk Plans to Make to Twitter
The CEO of SpaceX and Tesla has ideas for improving the social media site. This includes opening up the platform’s algorithm and relaxing rules that permanently ban users and remove content.
Musk states that he would be more lenient about removing content and banning people. However, he also believes the platform needs to become more transparent.
Many Twitter users stated they hope Musk will reinstate former President Donald Trump. However, he has not yet confirmed or denied the possibility.
A Securities and Exchanged Commission (SEC) filing early in April revealed that Musk purchased enough shares to have ownership of a 9.2% stake in the platform. That is approximately 73.5 million shares worth roughly $2.89 billion.
The transaction will close later this year.
Elon Musk is going to save Twitter and free speech!
— Brigitte Gabriel (@ACTBrigitte) April 25, 2022
Written by Marrissa Kay
Edited by Cathy Milne-Ware
Sources:
WGME 13: Twitter to accept Elon Musk’s offer to buy it, report says; by Zachary Rogers
CNN: Elon Musk to buy Twitter in $44 billion deal; by Clare Duffy
Featured and Top Image Courtesy of Steve Jurvetson’s Flickr Page – Creative Commons License
Inline Image Courtesy of Niall Kennedy’s Flickr Page – Creative Commons License
