26/04/2022
Twitter has on Monday confirmed it’s selling the platform to Tesla CEO, Elon Musk in a deal valued at $44 billion.
Early April, Musk acquired a 9.2% stake in Twitter, making him one of the company’s biggest shareholders.
After briefly agreeing to join the board, Musk later announced an acquisition offer but Twitter attempted to stop Musk’s acquisition with a corporate maneuver known as a “poison pill,” which is meant to block takeover efforts.
However, after several hours of deliberations on the matter, an agreement has now been reached to sell off the micro blogging platform to Musk, who is currently its biggest shareholder - over 73 million shares.
The deal now brings arguably the internet’s most influential platform under the control of one of the world’s richest people.
With the acquisition, Musk, a prolific Twitter user, may trigger some changes like encouraging free speech on the platform, unbanning Donald Trump’s account, operating an algorithm with open-source model and launching edit feature for tweets.
Let’s wait and see what the ‘Elon Musk’ effect will be. 🤔
