Elon Musk Will Be Twitter's New Boss

Twitter in a press release on Monday, 25 April (U.S. time) announced that it has accepted Elon Musk’s offer to acquire the company for US$54.20 per share, totaling to about US$44 billion.

The social media platform, which has long served as an outlet for individuals and organisations to share thoughts, updates and opinions, will become a private company once purchase is complete. The deal is expected to close sometime this year, with Twitter’s board already approving the acquisition unanimously.

“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 Musk in a statement.

“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,” he added.

The Tesla CEO, who has a net worth of US$264.6 billion, earlier in April bought a 9.2 percent share of Twitter after blasting the platform for its free speech policies.

“A lot of people are going to be super unhappy with West Coast high tech as the de facto arbiter of free speech,” Musk tweeted following the decision of Twitter to ban former U.S. President Donald Trump over his alleged involvement in the U.S. Capitol Riots.

The initial deal made him the biggest shareholder of Twitter, but he decided against joining its board of directors. Although he didn’t give his reason for the move, the board appointment would have prevented him from owning more than 14.9 percent of the company. Twitter then hatched a “poison pill” strategy that would block Musk from taking over the company. But Twitter later re-examined his buyout offer, and the two sides eventually reached a last minute agreement.

According to the New York Times, not everyone who works at Twitter is looking forward to a change in leadership. Some members of the company’s staff were reportedly left in the dark regarding the deal and are now uncertain about their stock compensation plans. Others, meanwhile, are worried that Musk might undo their previous efforts to regulate the content that goes on the platform.

Twitter CEO Parag Agrawal, who took over after founder Jack Dorsey stepped down from his post last year, seemed welcoming of Musk. “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,” he tweeted.

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• Twitter in a press release announced that it has accepted Elon Musk’s offer to acquire the company for US$54.20 per share, totaling to about US$44 billion.

• The deal is expected to close sometime this year, with Twitter’s board already approving the acquisition unanimously.

• The social media platform recently re-examined Musk's offer to buyout the company after initially hatching a "poison pill" strategy that would prevent the Tesla CEO from taking over.