Elon Musk, the richest man in the world, successfully acquired control of the influential social network used by world leaders, celebrities, and cultural influencers when he agreed to buy Twitter in April for about $44 billion. Earlier this month, before Mr. Musk revealed he was the company’s single largest shareholder, Twitter agreed to sell itself to him for $54.20 per share, a 38 percent premium to the share price at the time. According to information gathered, it would be the biggest deal to take a company private in at least 20 years, something Elon Musk has said he will do with Twitter.
Free speech, according to Mr. Musk, is the cornerstone of a healthy democracy, and Twitter serves as the virtual town square where important issues affecting humanity’s future are discussed. Twitter is incredibly powerful. He, therefore, anticipates working with the business and the user base to unlock it. Under certain conditions, including a shareholder vote and regulatory approvals, the deal, which has received unanimous board approval, is anticipated to close this year.
Why is Elon Musk $44 Billion Deal To Buy Twitter?
The historic deal puts an end to Mr. Musk’s 50-year-old, notoriously erratic attempt to acquire the social media company and prompts concerns about what he will do with the platform and how his decisions will impact online speech around the world.
The billionaire has repeatedly stated that he wants to “transform” the platform by promoting more free speech and giving users more control over what they see on it. He has more than 83 million followers on Twitter and has romped around the service hurling insults and memes. By going private, Mr. Musk would be able to develop the service away from the reach of investors, regulators, and others.
As some users spread false information and other harmful content on the service, Twitter has recently also turned into a flashpoint for controversy. Donald J. Trump, the former president, frequently used Twitter to insult and incite before being banned from the site following the Jan.
Even though Facebook and Instagram have billions of users each, Twitter only has more than 217 million daily users, but it has played a significant role in influencing narratives all over the world. Political leaders have used it as a megaphone, and businesses, famous people, and others have used it to build their brands and project their images.