Elon Musk announced a bid to purchase Twitter on Thursday, April 14th, for $54.20 per share. Twitter accepted the agreement on April 25. By July 8, Musk desired to go. Elon Musk is reportedly the new owner of Twitter as of October 27.
According to a number of media stories and accounts, Elon Musk has successfully closed the deal to acquire Twitter. There hasn’t been an official statement yet, and Musk’s first tweet since the news first broke was about a SpaceX launch. Late on Thursday night, claims that Musk had taken control of the company and fired some of its leaders, including CEO Parag Agrawal, CFO Ned Segal, policy director Vijaya Gadde, general counsel Sean Edgett, and chief customer officer Sarah Personette, began to circulate.
Just hours before a court-mandated deadline to purchase the company expired, the richest man in the world Elon Musk tweeted “the bird is freed,” making reference to Twitter’s corporate logo.
The story of Elon Musk purchasing Twitter
Musk made an initial offer to purchase Twitter in April, but later changed his mind and tried to withdraw that offer in May. On October 4th, he had a second change of heart and submitted a letter to the Securities and Exchange Commission reaffirming his adherence to the original arrangement. This week, Musk spoke with Twitter staff, and now that his $44 billion acquisition is complete, he is anticipated to speak to them on Friday. Musk’s deposition had been pushed back from late September to the 6th and 7th of October.
Just a few days before the deposition was scheduled, he said that he would fulfil the agreement his attorneys reached after all. A judge determined that Musk probably deleted Signal texts that were crucial to the case, thus the deposition was surely going to be awkward. As Musk and Twitter tried to reach an agreement, the deposition was postponed. Musk even secured a court order stopping the deposition so that the agreement could be finalised by October 28.
What Elon Musk plans to do with Twitter
On Wednesday, Musk paid a visit to the company’s San Francisco headquarters, carrying a sink and speaking with employees. He stated that he is purchasing the business to attempt to serve humanity. “The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence,” he said in a tweet earlier on Thursday.
Despite his numerous public pronouncements, it’s still unclear what Musk intends to do with Twitter now that he owns it. According to estimations provided to potential Twitter investors, The Washington Post stated that Musk intended to fire 75% of Twitter’s staff. According to Bloomberg, Musk reportedly told Twitter employees that the 75% statistic was false. In text exchanges that Musk and his friend and businessman Jason Calacanis handed to Twitter’s lawyers as part of discovery, they discussed employee reductions by demanding a return to the office.
The conversation about free speech in the digital era has been sparked by Musk’s interest in the platform. While many conservatives have praised the takeover as a corrective to Big Tech’s censoring of politically incorrect views, opponents have expressed concerns that Musk’s reign could imply broad access to hate speech and misinformation.
Musk, who calls himself an advocate of free speech has criticised Twitter’s moderation practises and opposed to censorship that goes beyond what is required by law. Musk declared in May that he would restore former US President Donald Trump’s Twitter account, which had been suspended for allegedly inciting violence after the rioting at the US Capitol on January 6.
Musk has said that his purchase of Twitter is not a way to earn money, but he allegedly has suggested ways to reduce expenses and boost revenue. There may be a “slight cost” for governments and businesses to use Twitter, and employment cuts may be considered to increase the company’s basics.
One of the early backers and cryptocurrency exchange Binance revealed to CNBC on Friday that it has invested equity in Musk’s acquisition of Twitter. CEO Changpeng Zhao expressed his excitement at being able to assist Elon in realising a fresh vision for Twitter. To increase the use and use of cryptocurrency and blockchain technology, the business hopes to contribute to the integration of social media and Web3 platforms.
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