Elon put an explanation out, saying, “Free discourse is the bedrock of a working vote based system, and Twitter is the advanced town square where matters fundamental to the eventual fate of mankind are discussed.”
The news puts an end to weeks-long negotiations, which have seen part of the board move to avoid a hostile takeover.
He proceeds, “I additionally need to improve Twitter than any time in recent memory by upgrading the item with new elements, making the calculations open source to increment trust, overcoming the spam bots, and validating all people. Twitter has enormous potential – I anticipate working with the organization and the local area of clients to open it.”
The arrangement is done … Elon presently claims Twitter, getting it for roughly $44 billion – – investors will get $54.20 per share.
Elon Musk pulled a move just Don Corleone himself could finagle – – his first-class proposition to purchase Twitter has allegedly received the approval … with the arrangement coming in for an arrival.
Reuters says Musk’s $43 billion offered is ready to be acknowledged by Twitter’s board Monday, and that an authority declaration could be anticipated later in the day. Seems like he didn’t move on his $54.20-per-share cost – – and he’s currently bringing them in this moment.
There is, obviously, the likelihood that this thing could fall through … in any case, right now, all signs highlight be EM turning into the new proprietor of the bird application – – introducing another system.
As we detailed … there were thunderings of this approaching to completion throughout the end of the week. Twitter and Musk had a plunk down on Sunday, which evidently went long into the early morning. Word is … the organization was feeling the squeeze from investors to sell.
And authenticate all real humans
— Elon Musk (@elonmusk) April 21, 2022
A portion of the investors needed to check whether Musk would get more expensive … however, eventually, it appears they’re prepared to acknowledge his unique wagering chip – – particularly now that he has the batter generally got. Elon made good the money last week with the assistance of some external accomplices.
There’s a clothing rundown of objectives Elon clearly needs to accomplish with the takeover. Past tending to “free discourse” issues he sees, EM has purportedly additionally discussed longer tweets, turning away from advertisements and disposing of spam bots – – which he sees as a bug.
Elon has likewise discussed making Twitter’s calculation open source … significance we’d have the option to see the reason why things pattern the manner in which they do, and why precisely we’re seeing sure tweets on our course of events versus others. Basically … more straightforwardness on how Twitter works inside.
Obviously, him taking the organization private could mean this turns into a membership based assistance … particularly assuming that he’s significant about ending notices. Along these lines, the inquiry is … are people ready to pay for Twitter, which has been free so far???
Twitter’s board of directors ( TWTR34 ) on Monday accepted billionaire Elon Musk ‘s offer to buy the social network for US$54.20 per share, totaling about US$44 billion, or R$204 billion. at today’s price.
According to the Twitter statement, the company’s board unanimously approved the purchase, which will be completed throughout 2022. In the end, the company will be privately held, becoming a private company.
One of the points considered for the sale of the company was the impact on the shares for shareholders, said Bret Taylor, chairman of the independent board of Twitter.
“Twitter’s board conducted a careful and comprehensive process to evaluate Elon’s proposal with a deliberate focus on value, certainty and funding. The proposed transaction will provide a substantial cash award and we believe it is the best way forward for Twitter shareholders.”
The news puts an end to weeks-long negotiations, which have seen part of the board move to avoid a hostile takeover. Musk has been criticizing Twitter’s policies for some time, which would limit freedom of expression.
Earlier, news outlets had taken the board’s acceptance of Musk’s offer for granted.
In New York, Twitter shares closed up 5.64%. The company’s BDRs on the Brazilian stock exchange ended the day with an advance of 7.6%.
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Musk on social media purchase
“Free speech is the foundation of a functioning democracy, and Twitter is the digital city square where issues vital to the future of humanity are debated,” Musk said in a statement included in the press release announcing the $USD deal. 44 billion.
“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating spam bots and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and user community to unlock it.”
Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.
What should be done? https://t.co/aPS9ycji37
— Elon Musk (@elonmusk) March 26, 2022
Twitter CEO Letter (TWTR34)
According to Bloomberg , Parag Agrawal released a statement saying that the company’s board “entered into an agreement for Twitter to be acquired by a company entirely controlled by Elon Musk. I know this is a significant change and you are processing what it means to each of you and to Twitter. I am meeting the company at 2pm PDT to speak with you directly and answer your questions.”
Negotiations progressed in recent days, after Musk detailed how he will pay for the acquisition of Twitter.
The world’s richest man’s plan to buy the social network, according to the New York Times , would involve disbursing approximately $21 billion of his own fortune, letters of commitment from Morgan Stanley and a group of creditors. valued at about $13 billion, plus another $12 billion from loans from Musk’s own shares in Tesla, the electric car maker he owns.
In early April, Musk announced the purchase of 9% of Twitter , becoming the biggest shareholder of the company, founded in 2006 and famous for the social network of short messages and in real time.
Despite Musk being known as a fierce critic of content moderation, the move cheered up the financial market, which saw in Musk’s entry a way to make the platform monetizable – unlike rival Facebook, which has managed to build an empire since 2005 and, today, it is the largest company in the industry in the world.
As a comparison, the purchase price of Twitter, of more than BRL 200 billion, would be enough to buy practically any company on the Brazilian stock exchange, with the exception of Petrobras, which is worth BRL 419.5 billion; Vale (R$ 389.3 billion); Itaú Unibanco (R$232.7 billion); and Ambev (R$ 232.1 billion).