Twitter agrees to sell itself to Elon Musk

Official: Elon Musk will buy Twitter.

The Tesla and SpaceX CEO and a social media company announced the deal on Monday, with the company accepting an offer valued at about $44 billion.

Once the deal is done, the richest person in the world will own the most influential social platform in the world, although in terms of business and users, Twitter is significantly smaller than companies like Facebook or TikTok.

“Twitter’s Board has undertaken a careful and comprehensive process to evaluate Elon’s proposal with a focus on value, accuracy and funding,” said Brett Taylor, chairman of the company’s Independent Board, in a statement about the settlement. “The proposed transaction will give us a significant cash bonus and we believe this is the best way forward for Twitter shareholders.

Musk told the conference that he offered to buy Twitter because “it has become a de facto plaza in the city, so it’s very important that people have the reality and the realization that they can speak freely within borders. Of law. And he added: “This is not a way to make money. My strong intuitive view is that having a public platform that is as credible and broadly inclusive as it is extremely important to the future of civilization. I’m not interested in economics at all.”

“Free speech is the foundation of a functioning democracy, and Twitter is a digital marketplace that addresses issues vital to the future of humanity,” Musk said in a statement Monday.

He added: “I also want Twitter to be better than ever, improving new product features, issuing open source algorithms, increasing trust, defeating spam bots and authenticating everyone. “Twitter has great potential – I look forward to working with the company and consumer community to unlock it.”

Now that the deal is done, he will have to realize his of course vague ambition and stage it in a tough regulatory environment, not to mention human nature.

This movement limits what was unstable and unpredictable for a few weeks for the company, the acquisition possibilities change almost daily.

Musk quietly began buying shares in Twitter in January but did not disclose his 9.1 percent stake in early April. Musk, an active Twitter user (who used the service to solicit and offer his future ideas), was offered a seat on the company’s board but declined the offer, forcing Twitter’s new CEO Parag Agraval to warn employees. . “On the Previous Attention Shift”.

Of course, just days later, Musk offered to buy Twitter for $43 billion and President Taylor sent a message: “Twitter has tremendous potential. I open “By offering Muskie funds, the company devised a ‘poison pill’ plan to force negotiations and thwart hostile enforcement efforts.

On April 21, Musk made a more formal offer to the company that provided the reserve funds. He also warned that he would consider bidding if negotiations do not begin.

In securing funding, Twitter had few excuses for not having direct conversations with Musk anyway. And these negotiations eventually led to an agreement.

Twitter says the deal will close this year, pending approval from shareholders and regulators. He added that there are no financing conditions to close the transaction.

Agrawal added a somewhat wistful comment in making the statement: “Twitter has a purpose and an urgency that affects the entire world. We are deeply proud of our teams and the inspired work that has never been more important.”

As of Monday night, Twitter founder Jack Dorsey could receive $978 million in cash payments if the deal is finalized. On twitter“The idea and the service are important to me and I will do my best to protect both. Twitter, as a company, has always been my one problem and biggest regret. He owned Wall Street and an advertising model. Your return from Wall Street is the right first step.