Edited by BellaRose Okojie
Twitter announced yesterday that it would be selling the company for $44 billion to the Tesla and SpaceX CEO, Elon Musk.
In a statement, Bret Taylor, the company’s independent board chair, said, “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Meanwhile, the news of the takeover has polarized Twitter users with some afraid that giving over control to Musk will open the social media platform up to abuse and character attacks. Twitter user, Dave Smith had in 2017 teased Musk to buy Twitter after the latter said he loved Twitter. Quoting the originating tweet, he said the exchange haunts him.
The Twitter board had previously attempted to prevent Musk from turning the social networking platform private after Musk offered to buy Twitter for $54.20 per share upon announcing a 9.2 percent stake in the social media company. According to the billionaire entrepreneur, “Twitter needs to go private because it can neither thrive nor serve free speech in its current state.”
Still, Musk’s bid to buy Twitter continues to raise concerns that his erratic outbursts and alleged bullying run counter to his declared goals for the platform.
Twitter CEO, Parag Agrawal said “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”
While the acquisition was unanimously approved by the board, the deal is expected to close sometime this year, pending the approval of Twitter shareholders.
When Musk first announced that he had become Twitter’s largest shareholder and wanted to buy the company outrightly and take it private, the offer was initially rejected by Twitter’s board, which implemented a poison pill anti-takeover measure.
According to media sources, the board agreed to negotiate after Musk amended his proposal to demonstrate he had secured financing and no other bidders came forward.
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