- Twitter has accepted Musk’s provide to purchase the corporate’s shares at $54.20 per unit in a transaction valued at roughly $44 billion.
- Musk now owns a 100% stake within the firm.
- The Tesla and SpaceX CEO has indicated that he desires to champion free speech and that he thinks Twitter has enormous potential.
Musk now owns a 100% stake in Twitter.
Elon Musk Buys Twitter
Elon Musk, the richest individual on the earth with an estimated web value of $270 billion, has grow to be Twitter’s sole shareholder.
The social media large confirmed Monday it had accepted Musk’s provide to purchase out the corporate’s shares at $54.20 per unit and take the agency personal. In keeping with the press launch, the transaction is valued at roughly $44 billion. Musk supplied to purchase the corporate at a premium on its market valuation earlier this month, explaining that he wished to unlock Twitter’s “extraordinary potential.” The event got here days after it emerged that Musk had taken a 9.2% stake within the firm. Twitter CEO Parag Agrawal then introduced that Musk could be becoming a member of the corporate’s board, earlier than backtracking on the announcement after Musk determined towards becoming a member of the board.
Although the Tesla and SpaceX CEO’s provide to purchase a 100% stake within the firm was seen as large information within the know-how world, the probabilities it might be accepted seemed much less probably when the corporate’s board launched what’s referred to as a “poison tablet,” a coverage that will permit shareholders to purchase the corporate’s inventory at a reduction, diluting the worth of Musk’s holdings. Nonetheless, the agency has since confirmed that it has taken Musk up on the provide.
Apart from praising Twitter’s future potential, Musk has repeatedly referenced his curiosity in championing free speech with respect to social media. Earlier than saying that he had taken a 9.2% stake within the firm, he posted a ballot asking his 80 million followers whether or not Twitter helps free speech. “The results of this ballot might be vital,” he wrote. “Please vote rigorously.” He’s additionally lately complained about cryptocurrency-related spam accounts on the platform, criticizing the agency for specializing in providing assist for NFTs quite than resolving the spam downside.
Free speech is important to a functioning democracy.
Do you consider Twitter rigorously adheres to this precept?
— Elon Musk (@elonmusk) March 25, 2022
Nonetheless, Musk is arguably higher recognized for his flippant presence on the platform. He commonly takes pictures at different public figures and posts humorous memes, typically referencing cryptocurrencies like Dogecoin and even his personal corporations. His common references to crypto belongings and Tesla’s inventory value have landed him in scorching water with the SEC previously as a result of his tweets typically trigger jolts in markets (Dogecoin spiked once more at present on the buyout information), however that’s executed little to dissuade him from playing around behind his keyboard. Now that he’s actively pushing a free speech narrative as the only real proprietor within the firm, it’s troublesome to see him firming his on-line persona down anytime quickly.
Disclosure: On the time of writing, the creator of this piece owned ETH and a number of other different cryptocurrencies.