Well, it’s happening. Announced today, Twitter “has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk.” The transaction is valued at nearly $44 billion.
This whole saga started weeks ago when Elon Musk asked if there should be a better social media platform. Then, he bought a huge chunk of Twitter stock. What followed was a confusing news cycle of Musk joining Twitter’s board, then not joining it.
Now, Musk has raised the capital needed for a complete buyout of the social media company. Once the acquisition is complete, Twitter will become a private company.
In the press release, Bret Taylor, Twitter’s Independent Board Chair, stated:
“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.”
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” said Elon Musk.
Musk has big plans for the platform. These include “defeating spam bots,” making Twitter algorithms open-source, and authenticating all humans on the platform.
Musk also mused about an edit button, previously. That said, Twitter stated earlier this month that it was working on one of those already.
The Twitter buyout has been unanimously approved by Twitter’s board and is expect to close sometime in 2022.
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