Twitter has made a deal with Tesla and SpaceX CEO Elon Musk to sell Twitter for $44 Billion.
Elon Musk offered to buy Twitter for $54.20 a share two weeks ago before the deal happened today, but Twitter’s board of directors was concerned about Musk undervaluing the company before the Q2 earnings report came out.
Before his offer to buy the social media giant, Musk purchased 9.2% of the company and said that he will be joining the company’s board to create new policies which will allow freedom of speech on the platform. However Twitter’s CEO, Parag Agrawal, announced that Musk will no longer join Twitter’s board.
Here’s what Musk said about Twitter and what he believes he will do with the product.
"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," said Mr. Musk. "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."
Musk has currently provided $25.5 Billion of the acquisition price and the deal will be finalized by this year.
Musk also said that he believes Twitter should go private. He believes this will allow the company to do much better than other social media companies and also thrive. Musk believes that Twitter won’t do so well under the current circumstances and that the company does not reflect any values of freedom of speech.
