Elon Musk agreed to acquire Twitter for $44 billion in cash, transferring ownership of the social media site to the world’s richest man
On Monday, the business stated it had accepted the Tesla CEO’s $44 billion takeover bid. It indicates that the world’s richest person, known for his unpredictable behavior, could soon be able to impact conversation on a social network utilized by over 200 million people daily. Whole deal could be very beneficial for crypto space with adoption of probably the biggest social media ever.
The sources said Twitter’s board was talking with Mr. Musk into the early Monday about his unsolicited attempt to purchase the firm, after he began lined up $46.5 billion in funding last week. The two sides were reportedly debating a deadline for closing any prospective deal and any costs that would be paid if the arrangement fell through.
Musk claims that Twitter’s algorithms should be made public. He favors putting Twitter’s algorithm on GitHub, a prominent code-sharing site for programmers. According to some social media transparency advocates, disclosing Twitter’s thick and intricate algorithm will accomplish little.
Musk is the CEO of Tesla and SpaceX, as well as the owner of the tunneling company The Boring Company, so he already has a lot on his plate. Tesla owners will want Musk to focus on operating a $1 trillion electric vehicle company, but Musk is unlikely to be a hands-off ownership of Twitter.
After announcing his intention to acquire the firm on April 14, Mr. Musk has amassed over than 83 mln followers on Twitter and started stockpiling shares early this year. But Wall Street promptly rejected his plan since it was uncertain if he had the funds to complete the transaction. Additionally, Twitter has implemented a “poison pill” to restrict Elon Musk from acquiring additional shares of the firm.
