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Elon Musk is the new owner of Twitter: he paid USD 44,000 million

Elon Musk reached a deal on Monday to buy Twitter for $44 billionin a transaction that will leave control of the social media platform that boasts millions of users and world leaders to the world’s richest person.

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The richest man in the world, founder of Tesla and SpaceX, thus becomes the owner of the platform he considers to be “the digital public square where vital issues for the future of humanity are debated”depending on the ad text.

Discussions about the deal, which seemed uncertain last week, gathered pace over the weekend after Musk lured Twitter shareholders with the financial details of his offer.

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Under pressure, Twitter began negotiating with Musk to buy the company at the proposed price of $54.20 per share.

The deal ends Twitter’s run as a publicly traded company since its 2013 initial public offering.

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“Freedom of expression is the foundation of a functioning democracy, and Twitter is the digital public square where vital issues for the future of humanity are debatedMusk said in a statement.

“I also want to make Twitter better than ever by powering the product with new features, making the algorithms open source to increase trust, defeating spam bots, and authenticating all humans,” he added.

According to the details provided about the agreement, this has been unanimously approved by the board of directors and is expected to be completed this year after a green light from shareholders, regulators and other customary conditions.

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The independent chairman of the board of Twitter, Bret Taylor, explained that the body has evaluated Musk’s proposal focusing on “value, certainty and financing”and considered it beneficial for shareholders.

For his part, the top executive of the company, Parag Agrawal, added in the note: “Twitter has a purpose and relevance that affects the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”

US businessman Elon Musk said Monday that he hopes his “detractors” will stay on Twitter.

I hope that even my worst detractors are still on Twitter, because that’s what freedom of expression means”, commented the founder of Tesla and the richest man in the world.

After Musk’s last comment, the price rose to 5.6%.

The agreement generated movements in the dogecoin cryptocurrencyone of Musk’s favorites, up 15%, and in the “spac” Digital World Acquisition Corporation, related to former President Donald Trump’s social network, down 15%.

Twitter again reconsidered yesterday the offer of 43,000 million dollars raised by the businessman after he announced that he has 46,500 million in financing to carry out that operation, according to The Wall Street Journal.

The founder of Tesla, owner of more than 9% of the shareholding of Twitter, launched on April 14 an offer of 43,000 million for the company at a rate of 54.20 dollars per titlebefore which the firm took a measure to buy time before a potential hostile purchase.

With more than 82 million followers, the richest man in the world -Forbes estimated his fortune is estimated at 269,000 million dollars- uses his Twitter account almost daily to give news about his companies, joke around and even launch provocations.

Musk promised to transform the social network to become “the platform for freedom of expression around the world”, without detailing the changes he planned to apply, with the exception of some functions such as a button to “modify” a tweet after publishing it. .

The progressive group Media Matters for America warned that the former president Donald Trump, suspended from Twitter last year after the invasion of the capitol by his supporters, could return to the network if the purchase by Musk was completed.

“Any negotiation to sell Twitter to Musk should include clear and binding mechanisms to uphold and uphold the current standards of the community” of the social network “including the expulsion of those who violate those standards,” the group’s president, Angelo, had said. Carusone, in a statement.

musk too could seek to make Twitter a more profitable company and increase the number of users.

It has already suggested modifications to the paid subscription formula for the social network, Twitter Blue.

The San Francisco group will publish its quarterly results on Thursday before the open on Wall Street.

(With information from Reuters, EFE and AFP)

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