April 26, 2022

Elon Musk Buys Twitter

  • Flyover Country

By: Konrad Holden

In Brief:

On Monday afternoon, Twitter’s board of directors approved a nearly $45 billion deal with Tesla CEO Elon Musk. Musk will buy all the shares and take the company private. Musk has long been a high-profile Twitter user, even using the site to influence the markets by tweeting about alternative cryptocurrencies. Musk has been an outspoken opponent of Twitter’s anti-free speech practices and has revealed plans to turn the company around.

The Background:

Elon Musk has been infamous for his Twitter antics. 

Now, he will own the company. 

After gathering more than $46 billion in funding to purchase the company and making an offer that totaled over $44 billion, Musk and Twitter’s board have come to an agreement. Musk will purchase the company and take it private.

Musk has said he favors more free-speech-oriented policies and replatforming of individuals who were banned from the platform. 

"Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated," Musk says. Some Twitter employees have voiced concerns over the tech giant’s new direction and CEO Parag Agrawal told employees that, “​​Once the deal closes, we don't know which direction the platform will go."

Twitter’s stock price jumped on Monday as rumors spread of a deal. The stock ended the day at $51.70, just a few dollars under Musk’s offer of $54.20 per share.

Notable Quotes:

“I hope that even my worst critics remain on Twitter, because that is what free speech means.” - Elon Musk

What do you think?
You Might Like