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.
Twitter says mass account deactivations after Musk takeover was ‘organic’
Following the announcement that Tesla chief Elon Musk would buy out Twitter, several high-profile accounts including that of former president Barack Obama, and singers Katy Perry and Taylor Swift saw a drop in followers by hundreds of thousands.
The social media company has now confirmed that these account closures were largely “organic” and not from the automated deactivation of bots and fake accounts.
“While we continue to take action on accounts that violate our spam policy which can affect follower counts, these fluctuations appear to largely be a result of an increase in new account creation and deactivation,” Twitter said in a statement.
Vishwam Sankaran27 April 2022 04:29
Could ElonJet be shut down?
One person fearful of what a Musk-ruled Twitter will look like is Jack Sweeney, the teenage coder behind the Twitter bot @ElonJet, an account that tracks the movements of the Tesla titan’s private jet escapades.
Speaking to Insider following Monday’s announcement of the San Francisco-based platform’s sale to Mr Musk, the Florida native and university freshman told the outlet that he was unsure if the SpaceX founder will allow him to keep the bot account alive.
“It’s hard to think that he wouldn’t do something,” Mr Sweeney told Insider.
Mr Sweeney’s concerns are likely merited, particularly in the light of what happened last fall between the teen and the new Twitter owner.
In November 2021, Mr Musk reportedly reached out to Mr Sweeney and offered the coder $5,000 to shut down the jet tracking account, arguing that there were security concerns with the information being shared publicly.
Graeme Massie27 April 2022 04:15
Elon Musk’s Twitter deal raises concerns over concentrated wealth and power online
ICYMI: A deal for the world’s wealthiest person to purchase social media company Twitter for $44bn has raised alarms over the concentration of billionaire power across social media platforms and how they will be used to shape both public policy and the economic interests of the people running them.
Elon Musk’s massive purchase has also revived calls from members of Congress and other critics to demand that US billionaires pay higher taxes, while questioning Mr Musk’s public and self interests in spending that much money to control the platform.
Alex Woodward has all the details.
Graeme Massie27 April 2022 03:04
Some Republicans fear a Trump return to an Elon Musk-owned Twitter, reports say
ICYMI: While some Republicans took to publicly cheering Elon Musk’s $44bn purchase of Twitter as a major victory for free speech, there were some who viewed it with trepidation, according to reports.
For a series of top GOP insiders told Politico Playbook of their grave concerns about the new Musk-led Twitter becoming a haven to welcome back previously banned accounts, namely Donald Trump.
Johanna Chisholm has the story.
Graeme Massie27 April 2022 02:05
Who owned Twitter before Elon Musk?
When Elon Musk finally closes his $44bn deal for Twitter this year he will joint ranks of media moguls, that include his rival for title of world’s richest person, Amazon’s Jeff Bezos.
The Twitter board finally accepted the Tesla boss’s $54.20 per share cash offer for the platform on Monday after intense negotiations, both public and private, and it now has to be ratified by its shareholders.
Graeme Massie27 April 2022 01:02
What happens to my Twitter stock?
Elon Musk has been given the green light to take over Twitter after the company’s board accepted his cash bid that would value it at around $44bn.
Twitter still remains a publicly-traded company on the New York Stock Exchange and will remain so until the platform is “delisted.”
Graeme Massie27 April 2022 00:35
Susan Collins says that Trump should get his Twitter back
Republican Senator Susan Collins of Maine told Huffpost that former president Donald Trump should be allowed to have his Twitter account back.
The remarks come as Tesla magnate Elon Musk announced that he would buy the platform. Many conservatives have expressed hope the sale would mean that the former president would return to the social media platform.
Graeme Massie27 April 2022 00:03
Elon Musk’s ‘X Holdings’ to complete Twitter purchase by 24 October
A new SEC filing by Twitter reveals that the company will merge with two of Mr Musk’s ‘X Holdings’ companies later this year after the company agreed to sell itself for $44bn.
Graeme Massie26 April 2022 23:06
Tesla boss slams critics who ‘fear free speech’ after $44bn Twitter bid accepted
Elon Musk has slammed those critics who ‘fear free speech’ after having his $44bn Twitter bid accepted by the social media company.
The Tesla CEO took to Twitter after staying off the platform for almost 24 hours in the wake of his takeover of the company being announced on Monday.
“The extreme antibody reaction from those who fear free speech says it all,” he tweeted.
Graeme Massie26 April 2022 20:41
Will Donald Trump come back?
When asked if former US president Donald Trump would be allowed back on Twitter following Elon Musk’s deal to buy the platform, the company’s chief executive Parag Agrawal said the question should be directed to the billionaire himself.
“Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important,” Mr Agrawal said.
Speaking at a company-wide meeting following the announcement, Mr Agrawal told Twitter staff that the future of the social media firm is uncertain after the deal with the Tesla chief closes, according to Reuters.
At the meeting, he was reportedly asked whether Mr Trump – who was banned from Twitter last year in the aftermath of the 6 January 2021 Capitol riots – would be allowed to return.
“Once the deal closes, we don’t know which direction the platform will go. It’s a question we should address with him [Musk],” Mr Agrawal replied.
Adam Smith26 April 2022 19:30