Twitter’s board of directors has accepted a $44 billion (£34.5 billion) takeover bid from billionaire elon musk twitter.
Musk, who made the surprising offer less than two weeks ago, said Twitter had “enormous potential” that he would unlock.
He also called for a number of changes ranging from easing his content restrictions to cracking down on fake accounts.
The company initially rejected Musk’s offer but will now ask shareholders to vote to approve the deal.
Musk is the richest person in the world, according to Forbes magazine, with an estimated net worth of $273.6 billion, largely due to his stake in electric vehicle maker Tesla, which he manages. He also runs the aerospace company SpaceX.
statement announcing the agreement he added
Twitter has enormous potential. I look forward to working with the company and the user community to unlock it.
The move comes as Twitter elon musk faces increasing pressure from politicians and regulators over the content that appears on its platform. He has drawn criticism from both the left and the right for his efforts to spread disinformation on the platform.
In one of its most important moves, it last year banned former US President Donald Trump, perhaps its most powerful user, citing the risk of “incitement to violence”.
At the time, Musk noted, “A lot of people will be very unhappy with West Coast high-tech as the de facto arbiter of free speech.”
The US right applauded the news of the takeover, though Trump told Fox News on Monday that he had no plans to join the platform.
On Twitter, Julian Knight MP, chairman of the UK’s Digital, Culture, Media and Sport Committee, called the deal “an extraordinary development in the world of social media”.
Toplioness environmental analyst Roger Harrabin said scientists were concerned about the acquisition’s potential impact on the climate debate.
He notes that Twitter announced last week that it would ban ads that deny scientific consensus on the climate crisis, and the company admitted that misleading information could undermine efforts to protect the planet.
controversial story
Musk, who has over 80 million Twitter followers, has a controversial track record on the platform.
In 2018, he was accused by US financial regulators of deceiving Tesla investors with his tweets, allegations that were settled in a $40 million settlement that Musk continues to deny.
And in 2019 he was charged with defamation, which he successfully defeated, after calling a diver involved in rescuing schoolchildren in Thailand a “fart boy” on the platform.
On Monday, Musk, known for confronting reporters and blocking criticism, hinted that he views Twitter as a forum for discussion.
Can Musk Transform Twitter?
As part of the acquisition, which is expected to close later this year, Twitter shares will be deleted and made private.
Mr. Musk suggested that this would give him the freedom to make whatever changes he wanted to the company.
Among other ideas, he suggested allowing longer posts and introducing elon.musk twitter the ability to edit posts after posting.
Twitter shares closed up more than 5% on Monday after the deal was announced.
But in his offer document, Musk told the Twitter board: “I have no confidence in management.” Agrawal told employees on Monday that Twitter’s future was uncertain.
“Once the deal is done, we don’t know which direction the platform will go,” he said, according to Reuters news agency.
shareholder vote
Musk’s Twitter target has changed with remarkable speed. In early April, it became known that he had become the largest shareholder in the company with a 9.2% stake.
He was later asked to join Twitter’s board, but declined the offer before making bernie sanders elon musk twitter a surprise offer.
The company on April 14, saying he wanted to “unlock” its potential as a bastion of free speech.
Twitter tried to defend itself against its offer, threatening to dilute the shares of anyone.
Who bought more than 15% of the company. However, his stance changed after Musk revealed more financial details about his proposed deal.
The company has secured $25.5 billion in financing for the deal and will have a $21 billion stake in the venture.
The board of directors unanimously approved the offer, which will now be put to a shareholder vote.
Elon Musk: The New King of Twitter
The speed with which this movement happened turned many heads in Silicon Valley. Out of nowhere, Elon Musk twitter is the absolute monarch of Twitter.
He himself said that it is not about “economy”, but about power elon musk twitter doge and influence.
By privatizing the company, he will exercise full control over Twitter. He has the power to do with the company whatever he wants. In practice, this will result in a much lighter moderation policy.
He also says he will make his algorithm public so people can better understand how Twitter works.
The move leaves the door open for Donald Trump to return to the platform.
Although he has apparently said he would prefer to use his own social media platform Truth Social for now.
For years, conservatives have argued that Twitter is biased against them.
And the news has thrilled Republicans across the United States.
Others were shocked by how Twitter looked without strong moderation from the platform.
criticism Facebook
Just look at the criticism Facebook has received for not removing groups linked to the QAnon conspiracy theory.
The Stop the Steal movement to imagine how much criticism Elon Musk twitter is getting.
The danger that Twitter now faces is that unfettered freedom of expression.
On social media can get very ugly very quickly.
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