Twitter’s board has agreed to a $44 billion takeover offer from billionaire Elon Musk. Previously two weeks ago, Tesla Inc’s and SpaceX’s boss joined social network company Twitter to sit on its board after acquiring a huge stake in Twitter shares. Then Musk offer a bid of 43$ billion a week ago.
Elon Musk, who offered a bid of $44 billion two weeks ago, has been accepted by Twitter. He also demanded a number of changes, ranging from easing restrictions on its content to eliminating fake accounts. The firm initially rejected Elon Musk’s bid, but will now ask shareholders to vote on the deal.
According to Bloomberg, the net worth of Elon Musk is around $260 billion and the Twitter Market Value is around $37 Billion. According to the CNBC, Elon Musk offered $43 Billion to Acquire Twitter which is $6 Billion more than its original market value. Finally, the deal is done for $44 billion.
Why Elon Musk is so concerned to buy Twitter.
He wrote in his tweet “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.” he continued:
“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 spambots, and authenticating all humans,” he added. “Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
CEO of Twitter Parag Agrawal wrote “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.”
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Back in March, Elon Musk told their followers and share his thought to create their own social media platform as he have to confront several times with financial regulators about his use of Twitter. Also, Elon Musk was locked by US Securities and Exchange Commission (SEC) on his faculty to post on Twitter.
