Twitter announced on Monday I accepted the deal to buy Elon Musk worth $44 billion in A deal that will shift control of The social media manned platform millions of users and global Leaders for the world’s richest person.
It’s a key moment for The 16year-old company that appeared in the name one of The world’s most influential public Platform is now faced series of challenges.
Tesla CEO reached the deal promising a more lenient touch to the police content on The platform on which he promotes his interests, and attacks critics and opens on social and economic issues for more from 83 million followers.
Candid Tesla CEO said wanted To own and privatize Twitter because he thinks he’s not alive up for its potential as a platform for freedom of expression.
In a joint statement with Musk said on Twitter he wanted to make the service “better than ever.” with new featureslike disposal of automated spambots and make their algorithms open to public To increase confidence.
Freedom of speech is the cornerstone of Active democracy, Twitter is digital The town square where matters vital future of humanity said Musk, adding emojis of hearts, stars, and rockets in Tweet highlighted the statement.
a more hands-off approach to content Moderation has a lot people concerned will become the platform more of why for Misinformation and hate speech, and it worked hard on in In recent years to ease.
The deal was consolidated after nearly two weeks of the billionaire first disclosed 9% stake in Platform. Musk said last The week he had lined up up $46.5 billion in financing for buy Twitter, to press on company board to negotiate a deal.
Twitter said the deal was unanimously approved by it board of Managers are expected to close in 2022.
Involved of Twitter Inc. By 6% on Monday to $52 per dollar share. On April 14, Musk announced casually to buy The social media a program for $54.20 each share. While the stock up sharply since musk made good display below higher of $77 each share It arrived in February 2021.
The company said that Musk received $25.5 billion of debt financing a margin loan and providing a commitment of $21 billion in equity capital.
It was not immediately clear What are the breakup fees or who Will be run The new company.
Musk described himself as a “freedom of expression,” but he is also a favour for Block or belittle other Twitter users who question or disagree with for him.
In recent weeks, he expressed several proposals changes for Company, from relaxation content Limitations – like rules that hung former President Donald Trump’s account – to redeem the podium of Fake and automated accounts and stay away from their ad-based revenue model. Musk believes revenue can be increased through subscriptions give Better customer pay experiencemaybe even without ads version of Twitter.
He was asked during a TED Talk if there are limits to his concept of “Freedom of speech,” Musk said, said Twitter or any forum “is clearly bound by the laws of the country in which it operates.” in. So there are obviously some limitations on freedom of expression in United States, and of Of course, Twitter should stick to this rules. “
Furthermore, he said he would be “very reluctant” to delete things, in generalbe careful about permanent bans.
“He-he won’t be perfect,” Musk added“But I think we want Really have to visualize and reality This is reasonably free possible. “
After the agreement was announcedthe NAACP issued a statement urging Musk not to do so allow Trump the forty-fifth president, back on the platform.
“Disinformation, disinformation and hate speech have no place on Twitter “Civil Rights organization She said in Declaration. “Don’t do it allow 45 to return to the podium. don’t do allow Twitter to become a petri dish for Hate speech or lies that undermine our democracy.”
Trump, and his company building One Twitter competitor, Truth Social, said he will not be returning to Twitter, according to an interview with Fox News.
Efforts to “liberate” Twitter could frustrate the company current Commitment to making the platform as secure as possible for Brock Erin Duffy said: professor of Communications at Cornell University and an expert on social media. “
Marginalized Communities of Users are particularly vulnerable to forms of The hate and harassment that often spreads in unorganized online spaces,” she said.
On Monday, some users said they were planning to exit the platform if Musk took He. She over. who replied on Twitter: “Hope it’s my worst critics remain on Twitter because that’s what freedom of expression means.”
Musk fought with Securities and Exchange Commission on On several occasions, he used Twitter to taunt the regulators.
The Securities and Exchange Commission was investigating Musk’s tweets in August 2018 in Who confirmed that he got funding to take Tesla private for 420 dollars a share, although he didn’t. Mask fights SEC subpoena in the case in Federal court. Recently, Musk appeared to have violated SEC rules by not disclosing his access to a 5% stake in Twitter, waiting until he has more than 9%.
It should be noted that Securities and Exchange Commission (SEC) matters have no effect on catch fitness to buy Inc., according to St. John’s University business professor Anthony Sabino, which makes them unlikely to be obstacles to the acquisition.
With initial concerns of In connection with the deal, Twitter has enacted an anti-acquisition measure known as a poison Pills that can make acquisitions expensive expensive. but the board I decided to negotiate after Mask updated his suggestion last week for show And according to the Wall Street Journal, he has secured insured funding.
While the Twitter user base of more from 200 million remains Much smaller than these of Competitors such as Facebook and TikTok, the service is popular with Famous, world Leaders, journalists and intellectuals. Musk itself is a prolific speaker with Many pop stars follow in the classes of Most popular accounts.
He said last week in Documents have been deposited with Securities regulators in the United States money It will come from Morgan Stanley and other banks, some of them of It was secured by his huge stake in Tesla.
Musk is the world, according to Forbes magazine, the richest person with Approximately $279 billion fortune. but a lot of for him money Associated up in Tesla stock – owns about 17% of electricity car According to FactSet, which is valued at more Over $1 Trillion Dollars – And SpaceX, Its Own space company. unclear how Much cash musk.
Musk started making his fortune in 1999 when he sold Zip2, and online Mapping and business directoryto Compaq for $307 million. use him share To create what would become PayPal, an internet service that bypassed banks and allowed consumers to pay businesses directly. Sold to eBay for $1.5 billion in 2002.
The same yearMusk founded Space Exploration Technologies, or SpaceX, after discovering that cost The restrictions were limiting NASA’s interplanetary travel. The company in the end developed cost- Effective reusable missiles.
In 2004, Musk was courted to invest in Tesla, then a startup trying it build Electrician car. In the end, he became CEO and led the company to astro success Like the world most valuable automaker and biggest seller of Electrician vehicles.
Musk vows to make Twitter a haven for Freedom of expression can weaken appeal of Trump’s troubled Truth Social app, which is working on former The president has been described as a competitor to Twitter that would cater to conservatives.
Social truth part of Trump new media The company you agreed to take over public By Digital World Acquisition Corp. Share of DWAC down 16.2% on Monday and still down 46% since Musk disclosed his stake in Twitter.