Elon Musk accepts a takeover offer from Twitter, giving him complete control of the company.
Twitter has accepted Elon Musk's offer to buy the firm for $44 billion, according to a press release issued today by the company. Musk paid $54.20 per share for the company, which was the same price he offered on April 14th.
"Free speech is the backbone of a functional democracy, and Twitter is the digital town square where important issues affecting humanity's future are debated," Musk said in a statement accompanying the announcement. "I also want to make Twitter better than it has ever been by adding new features, opening up the algorithms to increase trust, combating spam bots, and authenticating all humans."
In the same press statement, Twitter CEO Parag Agrawal praised the deal. In an accompanying statement, Agrawal said, "Twitter has a purpose and relevance that affects the entire globe." "I'm incredibly proud of our teams and motivated by work that has never been more critical."
In an SEC filing on Thursday, Musk outlined his finance strategy, which includes $25.5 billion in loans and $21 billion in personal equity. According to analysts, the loans might cost Twitter up to $1 billion per year in maintenance expenses, or nearly 20% of its annual income.
Twitter's board enacted a "poison pill" mechanism shortly after Musk unveiled the acquisition plan, implying that it intended to fight Musk's takeover. What caused the firm to change its mind is unknown. According to a report published by the New York Times on Monday, Twitter employees are divided over the news, with little information about the continuing negotiations.
It's unclear how Musk will affect Twitter or where he'll begin making changes. He surveyed Twitter users on the establishment of a "edit" button, which Twitter was already working on, when he initially revealed his 9.2 percent ownership in the company. Later, he proposed removing Twitter Blue's advertisements, cutting the subscription price, and adding Dogecoin as a payment option.
Musk has been vocal about his dissatisfaction with Twitter moderation, identifying himself as a "free speech absolutist" and raising concerns about how the platform might moderate under his leadership. In an interview with Chris Anderson at TED 2022, Musk remarked, "It's just incredibly vital that people have the reality and the idea that they can speak freely within the confines of the law." "I believe that the greater the faith in Twitter as a public platform, the lower the civilizational risk."
On April 14th, Musk made an offer to buy Twitter for $54.20 per share. The offer came after Musk revealed that he had purchased a 9.2 percent interest in Twitter, making him the company's largest individual shareholder at the time. Musk was once given a place on Twitter's board of directors, but the transaction fell through since a seat on the board would restrict him from purchasing more than a 14.9 percent share in the firm.
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