Elon Musk, the world’s richest man, agreed to buy Twitter for $44 billion on Monday. It is now official. Elon Musk has finally purchased a 100 per cent stake in Twitter for approximately $44 billion, or $54.20 per share, in cash. For several weeks, the microblogging site has been weighing Musk’s offer. Musk previously stated that Twitter has “extraordinary potential,” which he wishes to realize. Before the platform banned him, Twitter famously served as a megaphone for former US President Donald Trump.
In response to the buyout, Twitter CEO Parag Agrawal stated, “Twitter serves a purpose and has an impact on the entire world. We are extremely proud of our teams and inspired by the work that has never been more critical.”
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Musk bought a 9.2 per cent stake in Twitter earlier this month. This made him the company’s second-largest shareholder, after Vanguard, which owns 10.3 per cent of the stock. Later, Twitter CEO Parag Agrawal invited Musk to join the company’s board of directors, but the billionaire declined. Elon and Twitter have been at odds since then.
“The Twitter Board of Directors went through a deliberate and thorough process to evaluate Elon’s proposal, with a deliberate focus on value, certainty, and financing. The proposed transaction will result in a significant cash premium, and we believe it is the best way forward for Twitter’s stockholders “Twitter’s Independent Board Chair, Bret Taylor, made the following observation.
Changes Musk Is To Bring
It all started last month when Musk asked Twitter users if he should launch a new social media platform because Twitter does not “adhere to the right to free expression.” Most users advised him to purchase Twitter instead. The Tesla CEO is complaining that Twitter stifles free speech, which is to be the first issue he would address as Twitter’s owner.
In recent years, the billionaire has frequently questioned Twitter’s censorship of certain voices, including former US President Donald Trump. In fact, the platform once accused Musk of violating Twitter’s terms and guidelines by tweeting coronavirus-related information. Since Musk has frequently stated that Twitter does not adhere to “free speech,” one of the first changes could be seen in content moderation.
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Musk recently stated on Twitter, “A functioning democracy requires free speech. Do you think Twitter strictly adheres to this principle?” Approximately 7080 per cent of the 2 million respondents said NO. Second, with Musk now owning Twitter, we could see the edit button appear very soon.
Another area in which Musk expects to actively work is the removal of spam accounts or spambots. Which he describes as Twitter’s “most annoying thing.” Scammers have used fake accounts to impersonate Musk in the past few years in an attempt to get people to give away cryptocurrency. Musk’s account was among the high-profile Twitter accounts that were hacked in 2020 to promote a bitcoin scam.
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Finally, with Musk as the new owner, we may see a more open-source Twitter. To some extent, it is already an open-source platform because some of its technologies are publicly available.
Varushi Yadav
I'm a 4th-year law student at the University of Petroleum and Energy Studies, along with that I'm a creative content writer. So far I have written law-related articles, I like to explore more and I'm always ready to learn more.