Let’s put the drama behind, already! Twitter has agreed to Elon Musk’s offer of acquiring the social media platform for $44 billion. After weeks of speculation, the billionaire will acquire Twitter in a cash transaction and its shareholders will receive $54.20 in cash for each share they own.
Shakin’ It Up
Twitter shares surged 5.7% yesterday after the announcement. Though Elon’s initial offer stood at a figure of $43 billion based on the company’s outstanding stock, yesterday’s confirmation jounced it to $44 billion.
Who Will Run Twitter?
For now, Parag Agarwal, currently the CEO and others on the board will retain their positions. However, Musk has repeatedly tweeted his dissatisfaction with Twitter’s board and how the company has been run, and management changes are common when a company gets bought.
Why Did the Lion Come For the Meat?
What’s in it for Elon and why did he buy Twitter?
For one, Musk has struck the deal with a promise to reduce censorship on the platform. This has raised questions about what his approach will mean for the “digital town square”.
While conservatives have cheered the prospect of fewer controls under Mr Musk, some human rights activists voiced fears of a rise in hate speech.
From the Horse’s Mouth
Twitter’s co-founder Jack Dorsey (and also its ex- CEO) said that he trusted Elon Musk as the single solution for the microblogging site while emphasising that the company should not be owned by anyone.
Too long? Here’s a one-liner: Elon Musk will acquire Twitter in a cash transaction worth $44 billion; plans to make the platform a haven for free speech.