Twitter on Monday revealed the company’s sale to Tesla CEO Elon Musk for USD 44 billion. The announcement followed a series of Tweets showing the rage of Twitter Users as they say the deal is dangerous for the democracy.
Meanwhile the recent addition of a board member, shareholders will receive USD 54.20 in cash for each share of Twitter stock they possess, which matches Musk’s original offer and represents a 38% premium over the stock price the day before Musk declared his ownership in the firm.
The deal wraps up a frenetic news cycle in which the Tesla and SpaceX CEO became one of Twitter’s largest shareholders, was offered and turned down a seat on the board, and made a bid to buy the company — all in less than a month.
In a statement, Musk added, “Free speech is the core of a functional democracy, and Twitter is the digital town square where subjects crucial to humanity’s future are debated.”
Musk in his statement stated that he wants to make Twitter better than it has ever been by adding new features, opening up the algorithms to increase trust, combating spam bots, and authenticating all humans.
Elon Musk feels that Twitter has a lot of potential still to be explored and seemed excited to work with the company and the Twitter community to expand it further.
After his statement on Twitter, the users went on with negative comments and remarks stating it was a bad decision.
The agreement comes after Musk stated last week that he had secured USD 46.5 billion in financing to buy Twitter, a move that appears to have prompted Twitter’s board to seriously explore the purchase. The board met on Sunday to consider Musk’s proposal.
In a statement, Twitter CEO Parag Agrawal said: “Twitter serves a purpose and is relevant to the entire world. We are extremely proud of our teams and motivated by work that has never been more critical.”
Meanwhile, it is being suspected that with Elon Musk’s entry, Twitter will expand its scope to various other products and services to give competition to Facebook’s Meta.