Twitter’s board accepted Elon Musk’s offer and agreed on a $44 billion deal.
The board of Twitter has agreed to Elon Musk’s offer to buy the platform. On Monday, April 25, Tesla’s CEO took over the platform and closed the deal for $44 billion in cash. At first, Twitter was opposed to the idea since they had taken countermeasures when Musk first announced his interest in buying it. Musk revealed last week in an SEC filing how he will fund the deal.
Musk said in a statement: “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,” he also added, “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spambots, and authenticating all humans,”
“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.” Elon Musk is now in control of the platform and plans on making it private. He wants to make it a platform of “free speech”.
With Musk’s takeover of Twitter, there can be certain changes that will be expected. Since Musk is a “free speech absolutist”, there is a possibility of the return of Donald Trump’s Account. It is recalled that the former president has been permanently banned on Twitter as he repeated several violations against the platform. However, he said that he had no plans to return and use his own platform, Truth Social, instead. We can also expect a tougher regulatory environment and subscriber growth.
Parag Agrawal, Twitter’s CEO, said, “Once the deal closes, we don’t know which direction the platform will go,” Twitter is one of the most popular social media networks. It has more than 320 million active users, and it is used by politicians, celebrities, journalists, and other influencers to connect with their audiences.