Tesla CEO Elon Musk officially acquires Twitter to take it private – it’s happening

Trending 3 weeks ago 10

Twitter announced that it accepted an acquisition connection from Tesla CEO Elon Musk for astir $44 billion, and it volition go a backstage institution erstwhile the transaction is closed.

This is simply a astonishing crook of events arsenic Twitter’s committee had appeared to defy Musk’s effort to bargain the societal media and adjacent adopted a “poison pill” defence earlier this month, aft Musk primitively made them the connection to bargain each outstanding shares for $54.20.

However, things appeared to alteration aft Musk released impervious of backing past Friday. This weekend, reports had been coming retired stating that the committee was present earnestly considering the offer.

Today, the committee announced that it has officially accepted Musk’s offer:

Twitter, Inc. (NYSE: TWTR) contiguous announced that it has entered into a definitive statement to beryllium acquired by an entity wholly owned by Elon Musk, for $54.20 per stock successful currency successful a transaction valued astatine approximately $44 billion. Upon completion of the transaction, Twitter volition go a privately held company.

Musk commented successful a property merchandise confirming the acquisition:

Free code is the bedrock of a functioning democracy, and Twitter is the integer municipality quadrate wherever matters captious to the aboriginal of humanity are debated. I besides privation to marque Twitter amended than ever by enhancing the merchandise with caller features, making the algorithms unfastened root to summation trust, defeating the spam bots, and authenticating each humans. Twitter has tremendous imaginable – I look guardant to moving with the institution and the assemblage of users to unlock it.

As we antecedently reported, Musk managed to secure $25.5 billion of afloat committed indebtedness and borderline indebtedness financing, astir of which is backed by his involvement successful Tesla, and helium is going to supply an additional $21.0 cardinal in equity.

Musk is expected to bring successful partners for the equity information of the deal, but helium volition yet beryllium the bulk proprietor of Twitter.

Electrek’s Take

Obviously, this is simply a arguable situation. A batch of radical are not comfy with the richest antheral successful the satellite owning 1 of the main platforms radical usage to communicate.

I myself person been truly captious of Musk’s ain usage of Twitter, which I deliberation corrupted his Tesla feedback loop implicit time. However, I bash hold with virtually each the changes that Musk is talking astir implementing erstwhile helium gains afloat power implicit the level – particularly open-sourcing the algorithm and making each moderation wholly transparent.

I don’t deliberation anyone tin reason against those changes.

Where radical are much disquieted is successful the indications that helium would prohibition immoderate voices arsenic agelong arsenic they don’t interruption the law, which could bring backmost immoderate radical to the level – similar Donald Trump. Some are disquieted that it volition effect successful Twitter becoming a level wherever much misinformation is shared.

It’s going to beryllium astir balancing escaped code and limiting the dispersed of misinformation. But is Elon Musk the 1 to bash it?

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