Elon Musk buys Twitter for $44bn
After Twitter said it has reached an agreement to sell the company to Elon Musk for around $44bn, the platform’s former chief and co-founder Jack Dorsey has called the billionaire’s takeover of the company the “singular solution” he trusts.
The deal was announced by the social media platform on Monday after days of negotiations between the world’s richest person and the Twitter board.
Musk will pay $54.20 cash per share for the San Francisco-based company, which will now be taken private after days of intense negotiations between the entrepreneur and the platform’s board.
The board announced it had reached a deal with Musk on Monday, and that it represented a 38 per cent premium from Twitter’s closing price on 1 April, the day before the world’s richest person made his move for the company by announcing his nine per cent stake.
Musk will likely make some significant changes to the social media platform, having made several hints in recent months about what his intentions are. It comes after Musk’s friend Dorsey stepped down as CEO and Parag Agrawal took over.
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‘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,’ Mr Musk tweeted after the sale was announced on Monday.
Louise Boyle has the story.
Graeme Massie26 April 2022 17:25
Elon Musk unusually quiet on Twitter after $44bn bid accepted
The Tesla CEO, normally a voracious tweeter has now not posted for 20-hours, since his “Yes!!!” tweet in the wake of his takeover of the social media platform being announced by the company.
Graeme Massie26 April 2022 16:57
Twitter CEO says this is ‘period of uncertainty’
Parag Agrawal, who took over from Jack Dorsey as CEO of Twitter last year, has told staff that he doesn’t know whic way the company is going to go after Elon Musk bought it.
“There is indeed uncertainty about what will happen after the deal closes,” Mr Agrawal reportedly told staff. “We will find a way to bring Elon in for a Q&A… We don’t have all the answers. This is a period of uncertainty.”
You can read the full story here.
Anthony Cuthbertson26 April 2022 11:33
Dogecoin price shoots up 30%
Elon Musk’s Twitter takeover seems to have had a major impact on the crypto market, most notably with dogecoin.
The meme-inspired cryptocurrency, which Musk has previously said could be the “currency of the internet”, shot up by more than 30 per cent overnight amid speculation that changes made to Twitter under Musk could prove favourable for dogecoin.
Musk, who once changed his Twitter bio to “CEO of Dogecoin” and described himself as “the Dogefather”, has said cracking down on crypto scams will be a top priority under his ownership.
You can read the full story here.
Anthony Cuthbertson26 April 2022 10:36
Human rights groups raise hate-speech concerns on Twitter after Musk buyout
Human rights groups, including Amnesty International and the American Civil Liberties Union (ACLU), have raised concerns about hate speech on Twitter after Elon Musk’s deal to take over the company.
“Regardless of who owns Twitter, the company has human rights responsibilities to respect the rights of people around the world who rely on the platform. Changes to its policies, features, and algorithms, big and small, can have disproportionate and sometimes devastating impacts, including offline violence,” Deborah Brown, a digital rights researcher, told Reuters.
With Mr Musk calling free speech “the bedrock of a functioning democracy,” activists raise concerns that new policies may turn a blind eye to violent and abusive speech.
Vishwam Sankaran26 April 2022 08:05
Twitter CEO admits they ‘don’t know’ what will happen to company under Musk
ICYMI: Twitter’s CEO has told employees at a town hall meeting that the future of the platform is unclear after agreeing to sell to Elon Musk for $44bn.
Parag Agrawal spoke to employees at a town hall meeting just hours after the deal with the Tesla boss was announced, according to Reuters, which had access to it.
“Once the deal closes, we don’t know which direction the platform will go,” said Mr Agrawal, according tothe news organisation.
The company has told staff that Mr Musk will hold a question-and-answer session for them at a future date.
Graeme Massie26 April 2022 07:56
White house says Biden ‘has long been concerned about the power of large social media platforms’
ICYMI: White House press secretary Jen Psaki told her Monday press briefing that she was “not going to comment on a specific transition” but reiterated that the administration continues to believe that “no matter who owns or runs Twitter, the president has long been concerned about the power of large social media platforms” and stressed that “tech platforms must be held accountable for the harms they cause.”
She pointed to bipartisan interest in Congress for antitrust measures and reforming section 230 of the Communications Decency Act.
And she added: “Our concerns are not new. We’ve long talked about, and the president has long talked about, the powers of social media platforms … to spread misinformation, disinformation [and] the need for these platforms to be held accountable.”
Graeme Massie26 April 2022 07:03
Jameela Jamil quits Twitter after Elon Musk buys site for $44bn
ICYMI: Jameela Jamil has announced that she’s leaving Twitter after news that Elon Musk has purchased the platform.
The Tesla founder successfully acquired the social media site on Monday (25 April) for around $44bn (£34.5bn). As a result, Twitter will now be a privately owned company.
Nicole Vassell has the story.
Graeme Massie26 April 2022 06:10
Elizabeth Warren calls Musk’s Twitter takeover ‘dangerous for our democracy’
After Twitter accepted Tesla chief Elon Musk’s bid to take over the company for $44bn, US senator Elizabeth Warren said the deal is “dangerous for our democracy.”
“Billionaires like Elon Musk play by a different set of rules than everyone else, accumulating power for their own gain,” Ms Warren said on Tuesday.
She pointed to the need for a wealth tax and “strong rules” to “hold Big Tech accountable.”
Vishwam Sankaran26 April 2022 06:03
Trump says he won’t return to Twitter but calls Elon Musk ‘a good man’
ICYMI: Donald Trump has said he will not return to Twitter following the news that Elon Musk has bought the platform the former president was banned from.
Mr Trump made the announcement that he would not rejoin twitter despite the Tesla boss’s $44bn purchase, and instead said he wold use his own platform TRUTH Social.
Graeme Massie26 April 2022 05:04