After weeks of ‘will-he-won’t-he’, Tesla and SpaceX CEO Elon Musk has bought microblogging giant Twitter for a whopping $44 billion. Meanwhile, recently appointed company CEO Parag Agrawal has claimed that there’s still “uncertainty” on what happens next. According to reports, Twitter accepted Elon Musk’s offer to purchase Musk at the price of $54.20 per share, it officially confirmed with a press release on Monday.
After the hefty purchase, Musk issued a statement where he laid down his plans for the platform. Claiming that “free speech is the bedrock of functioning democracy”, Musk likened Twitter to “digital town square where matters vital to the future of humanity are debated”.
“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans,” his statement further read.
Earlier last week, Musk surprised his fans and critics alike by sharing an SEC filing in which he offered to buy the company for $41.39 billion at $54.20 per share. Although Twitter’s board was reported to have put together a “poison pill” to resist the takeover, things took a different direction altogether.
The Facts of the Matter
In the current day and age of information and data are the new oil and diamond for the world, one man has disrupted the landscape by buying out a platform. A platform that not only shows public opinion, but also has the potential to influence it – for good or for bad. Elon Musk, the richest person in the world, is now the proud owner of Twitter, one of the biggest social media platforms active today.
Earlier last week, when Elon Musk shared that he has made an offer to buy Twitter, there was a lot of skepticism about the move amid analysts and common people. However, on Monday it was finally reported that Twitter accepted Musk’s offer to buy the company for a price of $44 billion.
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
Best Path Forward
“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders,” the press release by Twitter read.
Musk To “Unlock” Twitter’s Potential
Meanwhile, Musk has continued to be vocal on his perspectives about free speech and how Twitter enables free speech. In a statement, Musk was quoted saying. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
Also Read: Why Netflix is Losing Subscribers Rapidly? Elon Musk Responded to Why Netflix is Unwatchable
The Twitter-Musk Tango
Considering the actual size of the deal, the Musk-Twitter tango ended sooner than one would have anticipated. It all started when Elon Musk became the largest independent shareholder of the company by buying a $3 billion stake which was 9.2% of the company’s total shares.
Following investing in Twitter, there seemed to be some friction between Twitter and its largest independent shareholder. While Musk announced that he was happy to join the Twitter board, Twitter CEO Parag Agarwal after a few days announced that it was Musk who decided not to join the board.
Within days, Musk somehow decided to buy the entire thing, and officially released the SEC filing that had the offer to buy Twitter.
Also Read: Elon Musk will not be joining the Twitter board: Twitter CEO Parag Agrawal Explains Why
“Uncertainty about what will happen next”: CEO Parag Agrawal
Meanwhile, according to a The Verge report, layoffs in the company aren’t planned “at this time”. The report mentioned sources close to Twitter CEO Parag Agarwal who was quoted telling staff – “There is indeed uncertainty about what will happen after the deal closes.” Agarwal also mentioned that till Musk doesn’t take over completely, he will remain as the CEO.
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