CNN reports that, after a wild month in which Elon Musk became Twitter’s biggest shareholder and flip-flopped on becoming a board member, the world’s richest man has purchased the social media site. The sale comes after Musk announced he’d lined up tens of billions in funding for the purchase, which ultimately was approved by Twitter’s board for $44 billion. The sale was unanimously approved by the board and will be finalized by the end of the year – it’s currently pending approval from shareholders and regulators.
“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,” Musk said in a statement released on Monday. “Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”
What does the deal mean for current Twitter shareholders? They’ll receive $54.20 per share – which is a 38% premium over where the company’s stock stood yesterday before the deal. The company’s stock was up 6% after the deal was announced, hitting $51.84 per share.
An all-hands meeting will be held by the company’s current CEO Parag Agrawal soon. “I know this is a significant change and you’re likely processing what this means for you and Twitter’s future,” he said in a statement to employees.
Musk has always been a controversial figure on Twitter, using the platform for business announcements as well as often-controversial personal opinions. There’s concern amongst some observers that in an effort to promote free speech, Musk’s reign over the site will result in a more lax approach to hate speech, misinformation and harassment. Additionally, some have speculated that with a new owner, Twitter may invite former president Donald Trump back onto the site. He was banned permanently from Twitter following the riot on January 6th, 2021 at the Capitol. Musk made it clear in a tweet that at the very least, he won’t be purging the site of his “enemies.”
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