Yes, you heard right. Elon Musk officially now owns Twitter.
Elon Musk announced on Thursday evening that he had actually purchased Twitter ahead of a court-imposed deadline.
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Everything You Need To Know Twitter Officially Belongs to Elon Musk
In a formal closing on Thursday night, Twitter and Musk agreed to the billionaire’s offer to buy the company out for $54.20 per share, or about $44 billion. The richest man in the world controls one of the most potent platforms.
One of the strangest business deals in history seemed to come to an end when top executives were abruptly fired and there was no official word from Twitter regarding the acquisition’s status. To make his mark on the company, Musk has reportedly fired several top executives, including CEO Parag Agrawal and CFO Ned Segal.
Twitter, one of the most significant social media platforms, has about 240 million active users every day. Politicians, celebrities, activists, and business leaders use it to share news, crack jokes, and announce events. As a result of the sale to Musk, the richest man in the world and CEO of two other businesses, electric vehicle manufacturer Tesla and aerospace company SpaceX, will now be a privately held business owned by Musk.
Elon Musk and Twitter Journey
Making Twitter private has been a difficult process. Musk first began experimenting with the idea of owning the social media platform back in early April, when he paid $3 billion for 9.2% of Twitter. But he didn’t stop there. Less than ten crucial days later, the CEO of Tesla and SpaceX declared his intention to buy Twitter for $44 billion. Twitter concurred, but Musk quickly changed his mind and made every effort to break the agreement. Resulting in a case being filed in the Delaware Court of Chancery between the parties. After going through some embarrassing pre-trial discovery and facing an approaching deadline for his deposition. Musk declared that he would move forward.
Musk has also made significant claims about undoing Twitter’s platform safety and moderation efforts. But he published a letter on Thursday assuring advertisers after appearing to suddenly realise how unnerving this might make them feel. He said Twitter “clearly cannot turn into a free-for-all hellscape, where anything can be said with no consequences.”
The future of one of the biggest social networks on the planet is unknown. But Elon Musk has achieved the previously unthinkable by purchasing Twitter for $44 billion. The resolution, however, only ushers in a new era of ambiguity at Twitter. Raising numerous concerns about the platform’s true worth, its intended application, and his specific plans for it.
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