Elon Musk has agreed to buy Twitter Inc. in a deal valued at about $44 billion, moving the world’s richest man a step closer to taking control of the social-media platform.
Twitter shareholders will receive $54.20 per share in cash, a 38% premium to Twitter’s closing stock price on April 1, the last trading day before Mr. Musk disclosed his roughly 9% stake in the company.
Shares of Twitter, which were halted when the deal was announced, rose 5.9% to $51.80 after news of the agreement.
Mr. Musk reaffirmed his push to change Twitter’s attitude on content moderation in the press release announcing the deal.
“Free expression is the foundation of a healthy democracy, and Twitter is the digital town square where important issues affecting humanity’s future are argued,” he stated.
Other future improvements he promised include “opening up the algorithms to increase trust, combating spam bots, and authenticating all humans.”
Changes Elon Musk Will Be Making To Twitter
Elon Musk most drastic action would be to take the corporation private, away from public scrutiny. He stated, “Twitter has to be turned into a private firm.” “Twitter has a lot of potentials. “I’ll get it unlocked.”
Mr. Musk has also hinted at a softening of Twitter’s content management policy. In an interview at the TED conference on April 14, Mr. Musk, a self-described “free speech absolutist,” stated that Twitter is the “de facto town square” and that “it’s really vital for there to be an inclusive venue for free expression.”
Musk said he will make Twitter’s algorithm open source and putting the code on GitHub, allowing others to view and suggest fixes and adjustments.
Other changes recommended by Mr. Musk, such as permitting longer tweets, providing a tweet edit option, and attempting to eliminate spam and scam bots, would likely have a more immediate impact on Twitter users.
How much did Elon Musk Buy Twitter?
Elon Musk purchased Twitter in a deal valued at about $44 billion for $54.20 per share in cash.