Elon Musk, CEO of Tesla Inc., and the world’s richest man has finalized the purchase of Twitter for $43 billion, in a closely watched deal which the microblogging platform sought to resist by adopting a ‘poison pill’ strategy to prevent a hostile takeover. Twitter founder and predecessor to CEO Parag Agarwal said that the move “is a step in the right direction”.
Jack Dorsey said that the sale of Twitter to Musk is the “singular solution I trust for Twitter”. Drsey had taken the company public in 2013. It has now been privatized for $54.20 per share. Its stock price closed 5.64% higher for the day before it was closed for the announcement. Twitter’s stock price has risen by almost 22% since the beginning of 2022.
— jack⚡️ (@jack) April 26, 2022
Musk had said 10 days ago that “taking Twitter private should be up to the shareholders” in a poll that he posted shortly after a previous one asking if Twitter allowed enough “freedom of speech”.
Taking Twitter private at $54.20 should be up to shareholders, not the board
— Elon Musk (@elonmusk) April 14, 2022
In his statement after the board of directors approved the takeover, Musk said: “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,” adding: “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 the spam bots, and authenticating all humans. Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”
????????♥️ Yesss!!! ♥️???????? pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
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