In a deal that seems as if it was building up to this point for weeks, Elon Musk is in agreement with Twitter to buy the company for approximately $44 billion. Twitter CEO Parag Agrawal, who is set to receive $42 Million if terminated by Musk, informed all employees at Twitter that “Once the deal closes, we don’t know which direction the platform will go.” For the rest of Twitter's shareholders, the terms of the deal are the following:
Shareholders will receive $54.20 in cash for each share of Twitter stock they own, matching Musk's original offer and marking a 38% premium over the stock price the day before Musk revealed his stake in the company.
A growing proportion of people who use Twitter have indicated a desire to leave the platform citing grievances with Elon Musk. Musk has faced repeated criticism over his use of Twitter and many of the companies under his ownership have faced lawsuits or are currently under investigation over U.S. labor law violations, perpetuating a hostile work environment, and engaging in rampant racism.
However, Musk has maintained that he will maintain free speech as the bedrock of a functioning democracy and Twitter and shared in a press release that under his ownership he wishes 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."
Feel free to share your thoughts and impressions of the news, as well as fears.
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