It was announced recently, that Elon Musk will officially buy Twitter. This was shown in a company press. The company was bought at $54.20 USD per share.
Before the purchase, the Twitter board responded to Elon Musk’s $43 billion bid with a “poison pill” to block the buyout. This strategy would allow certain shareholders to purchase more shares at a discount, ultimately reducing interest in the takeover. However, this did not go very well for the company as Musk later forced them to backpedal and come to an agreement for the purchase of the company.
According to Elon Musk himself:
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, 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 spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.
With a big focus on free speech and countermeasures to bot spam, Twitter is headed for big changes. We don’t know if these changes will benefit either party, but we are looking forward to seeing them. With Twitter being such a centerpiece for the technology industry, we can only hope that Musk makes it better.
Dorsey Approves
The site’s former CEO, Jack Dorsey left a message for the users of Twitter.
In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.
The deal is planned to close sometime at the end of 2022.
We plan on adding edits to this post if changes take effect earlier than anticipated. Stay tuned here!
