Under the terms of the agreement, Twitter shareholders will receive $54.2 at closing. cash for each share of Twitter common stock. Means 38 percent premium to stock price the day before Musk disclosed his shareholding in the business – so far had 9.2 percent. company shares. Twitter’s listing on the New York Stock Exchange has been suspended.
Twitter CEO Bret Taylor said in a statement, calling the deal “Twitter’s best path for shareholders.” The deal is expected to close by the end of this year, “Twitter’s board conducted a thorough and comprehensive review of Elon’s proposals with a focus on value, certainty and funding.
🚀💫 ♥️ Yep!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
– Elon Musk (@elonmusk) April 25, 2022
Elon Musk wants to ‘unblock’ Twitter
‘Free speech is the cornerstone of a functioning democracy and Twitter is a digital city square where issues critical to the future of humanity are debated,’ Musk said. I also want Twitter to be better than ever by enriching the product with new featuresby opening the source code of algorithms to increase trust, defeat spambots and make everyone credible. Twitter has great potential – I look forward to working with the company and the user community to unlock it, he added.
In mid-April, Elon Musk made an offer to buy Twitter for $43 billion.. Tesla CEO wants Twitter delisted. On Monday morning, The Wall Street Journal reported that the billionaire was negotiating the purchase of Twitter, and the deal could be finalized later this week.
According to the Wall Street Journal, Musk met with Twitter officials to discuss the offer to buy the platform. It was supposed to take place last Friday a private meeting with several shareholders of the company, during which he convinced them of his offer. Initially, according to the WSJ, the site’s management had planned to reject the Tesla boss’s proposal, but he upped the ante, submitting a proposal for a total of $46.5 billion. Then Twitter’s board changed its stance and paved the way for the billionaire to negotiate a takeover.
According to the WSJ, Musk was to have the support of Lauri Brunner, who manages the Thrivent Asset Management fund, which owns 0.4%. Twitter (also a Tesla shareholder).
Elon Musk himself tweeted on Monday, “I hope even my worst critics stay on Twitter because that’s what free speech means.”
I hope even my worst critics stay on Twitter, because that’s what free speech means.
– Elon Musk (@elonmusk) April 25, 2022
In the second half of March, Elon Musk suggested that he might be considering launching a new social platform. In a poll posted on his Twitter profile, he asked: “Freedom of speech is essential to the functioning of democracy. Do you think Twitter strictly adheres to this principle? “.
Elon Musk sold part of Tesla shares
In November last year businessman announced that will sell 10 percent Tesla Shares held. He has since sold the group’s shares, which are now worth around $16.4 billion.
Elon Musk was mainly due to the increase in the share price of Tesla (the businessman also owns SpaceX) at the beginning of last year. left the richest man in the world, ahead of Jeff Bezos. Currently, his fortune is valued by Forbes at $274 billion.
In the fourth quarter of last year, Twitter’s revenue rose year-on-year from $1.289 billion to $1.567 billion, and net profit fell from $222.12 million to $181.69 million. At the end of 2021, the platform had 217 million active daily users, including 179 million outside the United States.
At the end of November last year Jack Dorsey, co-founder of Twitter, stepped down as the company’s CEO. He was replaced by Parag Agrawal, who previously served as the company’s Chief Technology Officer.
Will Musk turn Twitter into the new 4Chan?
In an interview granted to Wirtualnemedia.pl, Artur Kurasiński, blogger and observer of the new technologies market, points out the serious consequences which can result from the change of ownership of Twitter.
– Elon Musk’s greatest enemy is himself – says Artur Kurasiński. – He could donate $6 million to save millions from starvation (requested by the United Nations). However, he decided he would have more fun buying Twitter – a platform where he himself is the king of 83.5 million followers – notes Kurasiński.
According to our interlocutor whether Musk lives up to his Twitter announcements (absolute freedom of expression, public opening of Twitter algorithms, resignation from advertising or subscription), this service will become the consumer version of 4Chan.
– And the fundamental question – will Elon Musk restore Donald Trump’s account? – asks Kurasiński. – If that happens, the ex-president’s tweets could have a huge impact on the upcoming US presidential election (as well as democracy in other countries). So far, we’ve heard of Elon Musk’s plans. Now we will see which of them will be implemented – he adds.
Twitter was founded on March 21, 2006 by Jack Dorsey, Evan Williams, Noah Glass and Christopher Stone. Dorsey, who stepped down in November 2021, ran the service most of the time. Parag Agrawal was the replacement.