Tuesday, 14 May, 2024

Elon Musk buys Twitter for about $44B, will privatise company



Musk promises a more lenient touch to police content on the social media platform where he — the world’s richest person — promotes his interests, attacks critics and opines on a wide range of issues to more than 83 million followers.

The outspoken Tesla CEO says he wanted to own and privatise Twitter because he thinks it’s not living up to its potential as a platform for free speech.
The outspoken Tesla CEO says he wanted to own and privatise Twitter because he thinks it’s not living up to its potential as a platform for free speech. (AFP)

Elon Musk has clinched a deal to buy Twitter Incfor $44 billion in a transaction that will shift control of the socialmedia platform populated by millions of users and global leaders to the world'srichest person.

Twitter confirmed the news on Monday after discussions over the deal acceleratedover the weekend when Musk wooed shareholders with financing details ofhis offer.

Under pressure, Twitter started negotiating with Musk to buy the company atthe proposed $54.20 per share price.

"Free speech is the bedrock of a functioning democracy, and Twitter is thedigital town square where matters vital to the future of humanity are debated,"Musk said in a statement.

The New York Stock Exchange (NYS) suspended trading of Twitter stock amid reports the company was close to accepting the Tesla boss's takeover offer.

Around 1850 GMT on Monday, the NYSE said trading was halted on Twitter due to news pending. The stock had gained 5.5 percent in the day's session.

READ MORE:Twitter shares rise on reports company will accept Elon Musk's takeover bid

Trump isn't returning

In recent weeks, Musk has voiced a number of proposed changes for the company, from relaxing its content restrictions — such as the rules that suspended former president Donald Trump's account — to ridding the platform of fake and automated accounts and shifting away from its advertising-based revenue model.

After the deal was announced, the NAACP released a statement that urged Musk not to allow Trump, the 45th president, back onto the platform.

However, Trump said that he won't be returning to the social media platform after Musk's acquisition even if his account is reinstated.

"I am not going on Twitter, I am going to stay on Truth," Trump told Fox News, referring to the social media company Trump founded after being banned from successive websites over the January 6 Capitol riot.

During his candidacy and presidency, Trump used Twitter as a powerful megaphone that enabled him to speak to the public directly, often using incendiary and divisive language on hot-button issues.

READ MORE:‘Time for Truth’: Inside Trump’s app Truth Social

0 comments on “Elon Musk buys Twitter for about $44B, will privatise company

Leave a Reply

Your email address will not be published. Required fields are marked *