Elon Musk officially acquires Twitter for $44 billion
Elon-Twitter acquisition officially goes through for $44 billion. What next for Twitter?
The Elon-Twitter saga started with Elon Musk buying a 9.2% stake in the company, making him the biggest shareholder. Since he was the biggest shareholder of the company, he was appointed to Twitter’s board of directors.
Although on April 10, Musk stepped down from the board of directors because it prevented him from buying more shares. It was Elon Musk’s plan all along to buy Twitter and take it private.
Elon Musk filed an SEC filing on April 13th, offering to buy all of the remaining shares of Twitter at a price of $54.20 a share which amounted to a total of $43 billion.
Now, Twitter’s board has officially agreed to go through the sale.
Elon Musk has said that “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,”
Citing freedom of speech, Elon Musk has expressed that he doesn’t like the way Twitter currently works and intends to bring changes that will unlock its potential. He also expressed his plan to enhance the features like the Twitter Space. He also wants Twitter to be better equipped to fight other social media platforms like Facebook.
The internet is divided on the lines of whether one rich man controlling a big platform is good or bad. While many people see Twitter as “freed from its cages”, many are sceptical that Elon wants to have a monopoly on free speech.
It remains to be seen how Twitter is going to function under Elon Musk and will there be any substantial changes in the way Twitter is conducted.