After a lot of speculations and talks, Elon Musk has finally got what he wanted, yes he got Twitter for his asked price of $44 billion at his proposed $54.20 per share price. This has obviously shaken up the industry which values this deal to be 3rd biggest tech deal.
Twitter Inc has been sold on Monday and will shift the entire control of the social media platform populated by millions of users and global leaders now to the world’s richest person. Yes, now an individual will control your favourite social media platform which is kind of strange but this is what it is.
This 16-year-old company has made its way to outpace Facebook and survive its dominance to be what it is today. Elon Musk has stated himself to be a free speech absolutist and has been open to criticising Twitter’s moderation. According to him, Twitter should prioritize tweets to be public rather than giving too much power on the service to the corporations who advertise on Twitter.
This cannot be ruled out because Twitter has been in question for quite some time now, criticized for favouring individuals or corporations and even politicians. Now that Elon Musk will own the social media platform it will mean less moderation and reinstatement by political activists and even banned individuals including former President Donald Trump.
We know Elon’s way of tweeting, hosting polls, and asking people how to make Twitter even better and we can predict from now on he will bring new features to the social media platform. By bringing an edit button and defeating “spambots” that post unwanted tweets, we could expect a series of changes that could make Twitter healthy again.
“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,” Elon Musk said in a statement. Twitter’s shares rose 5.7% on Monday to end at $51.70 and so Musk getting a company like Twitter for $44 billion is a great deal.
“Having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization. I don’t care about the economics at all,” Musk said in a recent public talk. Obviously, now this Twitter transaction has been approved by the company’s board and is now subject to a shareholder vote, also this deal has a minor to no chance to be blocked by the regulations.