Elon Musk decided to purchase Twitter Inc (TWTR.N) for $44 billion in cash, transferring control of the social media platform used among millions of people and world leaders to the world’s richest person.
It’s a turning point for the 16-year-old firm, which evolved to become one of the world’s most important public squares but now confronts a slew of obstacles.
Elon, a self-described “freedom of expression ideological purist,” has mocked Twitter’s censorship. He desires Twitter’s system for prioritizing tweets to be made public, and he opposed giving advertisers too much control on the platform, as reported.
Political activists believe that under Musk’s leadership, there will be less tolerance and the return of banned individuals such as former President Donald Trump.
Conservatives applauded the idea of fewer restrictions, while human rights groups expressed concerns about an increase in hate speech.
Musk has also campaigned for changes to the service that would make it more user-friendly, including an edit button and a way to combat “spambots” that send out a large number of unwelcome tweets.
The deal’s discussions quickened over the weekend when Musk wooed Twitter investors with financial specifics of his bid, which looked doubtful last week.
Twitter began negotiating with Musk to purchase the firm at Musk’s suggested $54.20 per share price under duress.
In a statement, Elon added, “Freedom of speech is the core of a functional democracy, and Twitter is the virtual central square where subjects crucial to humanity’s future are debated.”
Late Monday, former Twitter CEO Jack Dorsey tweeted about the arrangement, thanking both Musk and new Twitter CEO Parag Agrawal for “pulling the business out of an untenable situation.”
“My only gripe with Twitter has always been that it is a for-profit corporation. Wall Street and the advertising model have both owned it. Taking it back from Wall Street is the first step in the right direction, “he stated.