At the time of writing this article, Twitter is completely owned and operated by the boss of Tesla and SpaceX Elon Musk. The world’s richest person now owns the biggest social media platform.
Musk purchased the company at $54.20 a share. Well, this is the same price stated in his initial offer on the 14th of April.
In a statement, Elon Musk stated that,
“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 further added that,
“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.”
Twitter independent board chair Bret Taylor said in a statement, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing.”
According to Twitter, the transaction was unanimously approved by its board of directors which consisted of 11 members including Twitter co-founder and former CEO Jack Dorsey.
As per the deal shareholders will receive $54.20 in cash for each share of Twitter stock they own.
As of now, everyone is unclear about what impact Elon Musk will have on Twitter or what changes he will bring to the table. Do share your thoughts and opinions on this deal in the comments section below.