Billionaire Elon Musk could sign a deal with social media giant Twitter as soon as this week as he previously announced his plan to buy Twitter for $43 billion
Elon Musk May Sign Deal With Twitter This Week
According to a report published by The Wall Street Journal on Monday, billionaire Elon Musk could sign a deal with social media giant Twitter as soon as this week.
Musk sparked controversy earlier this month when he announced his plan to buy Twitter for $43 billion. He had previously purchased more than a 9% stake in the influential social media platform.
“I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter, and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder”
— Elon MuskAccording to initial reports, Twitter’s board of directors had declined the offer. In order to avoid the takeover, the company also used the so-called “poison pill,” diluting the value of the stock.
Due to shareholder pressure, the company has reportedly decided to try again with the deal.
Before announcing its first-quarter earnings on Thursday, Twitter is expected to confirm its stance. Following Musk’s meeting with the billionaire on Friday, some of the company’s shareholders rallied behind him.
It’s still possible that the massive deal will fall through. According to the report, some issues must be resolved before the acquisition can be completed.
Elon Musk Plans For Twitter Purchase
Musk stated that one of his ambitions for the platform is to make the Twitter source code open-source so that it can be scrutinized by the public. He stated,
“The code should be on GitHub so that it may be analyzed.” “I simply believe it is critical to the functioning of democracy in the United States and elsewhere. If we can build trust in Twitter as a public platform, the civilizational risk is reduced.”
— Elon MuskAn Edit button
After polling Twitter users on whether they wanted an edit button, Musk said he wouldn’t be modifying his own tweets, but the public should know if someone did.
Musk said he envisions a time limit for edits, as well as a reset of retweets and responses, to eliminate the possibility that a changed tweet would appear to have the same reactions as the original tweet.
Free Speech On Twitter
The internet mogul, who has been fined by the Securities and Exchange Commission (SEC) on several occasions for his tweets, has described himself as a free speech absolutist but has admitted that a centralized company’s ability to allow certain things is limited.
It is a legal requirement that you follow all applicable laws. Knowing what’s going on behind the scenes, on the other hand, could be very dangerous.”
Musk outlined his vision for a platform that promotes free speech in the following way: “Someone you don’t like being able to say something you don’t like is a good sign of free speech. That is an indication of a healthy environment for free speech.”
Musk revealed why onstage at Ted2022 in Vancouver, Canada saying:
“I believe it is critical to have a welcoming environment for free speech,” Musk stated. “Twitter has essentially replaced the town square, and it’s critical that people have both the reality and the idea that they can talk freely within the law.”
— Elon MuskMusk claims that while he has the financial means to buy Twitter and take it private, he prefers to keep as many Twitter stockholders as possible. “I don’t care about the economics at all,” he said, reiterating that he’d be buying Twitter for the benefit of its users.
