Elon Musk, CEO of Tesla, Acquires Twitter for a Whopping $44 billion
Last Updated on November 8, 2023 by Ameer Hamza
Elon Musk, a business tycoon, plans to buy the most influential social media platform Twitter. On April 25, 2022, Twitter announced its latest settlement about an agreement to be bought, owned, and controlled by Elon Musk in a $44 billion deal. The platform is expected to be privately owned after the transaction completion.
Twitter is a powerful social media platform used by political figures, artists, cultural influencers, and leading companies. The per share price that Twitter agreed to take is $54.20 per share. The acquisition price reflects a 38% gain over the closing stock price of Twitter on April 1, 2022. The transaction is anticipated to finalize this year after being fully authorized by the Twitter board. The deal is subject to the approval of regulatory authorities and shareholders’ votes.
Musk Recent Purchases: An Intermittently Lucrative Social Enterprise
Twitter is a powerful social media platform that influences many people who belong to different areas of business, politics, education, society, and lifestyle. It is a periodic profitable business with unpredictably fluctuating cash flow. Musk made the deal not because of Twitter’s sporadic income but because of other non-financial factors. On Thursday, Twitter released its profits for the first quarter. According to FactSet, analysts estimate the business will make a profit of about $40 million on its revenue of $1.2 billion. At the time of announcing his agreement to acquire Twitter, Elon Musk said he has no concerns about the businesses Twitter will generate. He emphasized other non-financial aspects of Twitter, like free speech, open-source algorithms, and others that have tremendous potential.
Musk’s Twitter Takeover Became a Viral Trend
The acquisition of Twitter by Elon Musk elicited a combination of enthusiasm, concern, and skepticism among Twitter users. The response mirrored the platform’s mixed political, social and cultural background. The announcement sparked a slew of hot topics. Mr. Musk’s name along with the trending hashtags like #RIPTwitter and #twittersold started circulating on the site. Mr. Musk’s ambitions for the firm have been questioned by many Twitter users. Lawmakers and regulators from all around the world expressed their thoughts on site acquisition. They demonstrated that Twitter has become a political battleground. On the other hand, some policymakers were concerned about Musk’s wealth, and some users were reporting a high level of harassment.
What Will the Future Of Twitter Look Like If Musk Takes Over?
Since Twitter has tremendous opportunities, Musk is excited to collaborate with the company to leverage those opportunities. One of Musk’s major criticisms of Twitter is its strict content filtering measures. Musk will be altering the content moderation policies and making it a less censorable platform that will become a platform for free speech all over the world. He will convert Twitter into a privately owned company as part of the arrangement. Musk plans to turn Twitter into an open-source platform. Users would be able to inspect the site code and discover why particular items are favored in their feeds, bringing transparency to the company. Further, Musk has publicly confirmed that he will strive to eliminate malware, bots, and cryptocurrency frauds on the platform.