HomeNewsTwitter Sold for $44 Billion; Elon Musk Confirms Indirectly

Twitter Sold for $44 Billion; Elon Musk Confirms Indirectly

A report published by Reuters confirmed previously that Twitter Inc. has landed a deal to sell itself to billionaire Elon Musk for $54.20 per share in cash. Now, another data-based platform confirms that Twitter Inc. has handed over Twitter to the Tesla CEO for a whopping $44 billion. Elon Musk also posted a tweet that confirms the report of him buying Twitter.

Is Elon Musk the new Twitter Owner?

The world’s richest person has marked his ownership on the most prominent platform. Twitter has a global user base of over 400 million active users and is one of the most important services in the world. Well, it’s like people’s voice on anything and everything.

Previously, the Reuters report, citing sources stated that Twitter may announce the $43 billion in cash deal later on Monday once its board has met to recommend the transaction to Twitter shareholders.

South Asian Index, a data-driven platform tweeted that Elon Musk is the new owner of Twitter. A recent tweet by this website reads “Just IN: Twitter Inc. has sold Twitter to billionaire Elon Musk for 43 billion dollars.” 

Previously, the Tesla CEO originally offered to the social media giant and called his “best and final”. Twitter shares were up 4.5 per cent in pre-market trading in New York on Monday at $51.15 as per the report.

It was said that Twitter was facing tremendous pressure from shareholders, who reached out to the company, urging it not to let the opportunity for a deal slip away. The deal is sealed and now, Twitter is owned by one person.

Elon Musk’s Indirect Confirmation

Elon Musk indirectly confirmed this before the official announcement. He just tweeted that “I hope that even my worst critics remain on Twitter because that is what free speech means.” Have a look at his tweet:

The tweet has received 318.2k likes already and around 23.7k replies. Twitter users are making diverse comments. One user wrote, “I hope you won’t become a platform for spreading misinformation as that’s not what free speech means.”

Another user retweeted, “This is literally how dictators talk.” One user wrote, “Yeah but people saying they hate billionaires is not the same thing as like shit like racism or white nationalism.”Many people are supporting this decision by saying “Boss is about to change the world.”

What’s with #RIPTwitter?

The SpaceX Founder himself is an active user of the social media platform Twitter and has over 80 million followers. The Reuters report suggested that Musk had stated in his initial meeting with Twitter Inc. that Twitter needs to be taken private to grow and become a genuine platform for free speech.

While Elon Musk has claimed free speech, it appears that Twitter users are shaken by this private ownership. And makes sense too! Wouldn’t it be like a dictatorship? While we do not have access to the official deal, one thing is sure, Elon will have control over who writes what.

Twitter users have started posting the aftermath of this big step with #RIP Twitter. One user tweeted, “RIP Twitter 2006-2022… it’s been a good run… no more independent news, fact-checking, crazy dictator trump might be unbanned and the crazies have a platform for all their shit again.” 

Another user brought forward a point that Elon is a white supremacist who inherited wealth from an apartheid-era South African emerald mine and will own Twitter now. She raised her concern by saying that evils like racism, homophobia, transphobia, sexism, disinformation and misinformation will flow freely. Have a look at some of the other tweets:

 

It is difficult to assess whether these concerns will turn into a harsh reality or not, but one thing is sure. History has it that the most flourished empires have fallen because of one ruthless dictator.

Note the Pointers

The previous meeting between Elon Musk and Twitter Inc. brought forward some important points. Here’s what was potentially agreed:

  • Twitter Inc agreed to accept Elon Musk’s $43 billion buyout offer. This is Musk’s “best and final” offer for the microblogging platform.
  • Twitter’s board of directors may have endorsed the $54.20-per-share deal to Twitter shareholders.
  • Twitter’s restrictions are quoted  by Elon Musk, as a self-described “free speech absolutist.”
  • Twitter’s private ownership may result in making the microblogging site a genuine platform for free speech as promised by Musk.
  • Musk is Twitter’s second-largest shareholder, with a 9.1% stake. He was previously invited to join Twitter’s board of directors, but he declined. Now, he owns it.
  • Tesla CEO Elon Musk has obtained $46.5 billion in financing for the deal.
  • So far, Twitter has been unable to gain a ‘go-shop’ option in its agreement with Musk, which may allow it to seek more bids.

We don’t know if Elon Musk would turn out to be Hitler or Genghis Khan. Elon’s tweet about free speech gives users some hope. The world has already witnessed deleted tweets amid Twitter’s current policies.

Elon previously stated the idea of an edit button, hope he sticks to changes like that. I just hope he brings in positive changes to the most preferred social networking site. What do you think about this?

Mallika
I am Mallika Singh, a lawyer and writer by profession. Writing gives me a sense of freedom and independence. I am a keen observer and an ardent reader. When not at work, you can find me at the stable. Horse riding is another passion that keeps me going.
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