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elon musk

Twitter Accepts Elon Musk’s $44 Billion Offer

Elon Musk is determined to destroy spam bots and turn Twitter into a digital city.

Twitter has accepted Tesla CEO Elon Musk’s $44 billion offer to buy and privatize.

Twitter and Elon Agreed

Twitter and Elon reached an agreement. According to the Wall Street Journal, Twitter worked all night to solve problems that were in the hands of a single person and caused certain polarization.

At first, Twitter opposed the proposal, after a major Saudi Arabian investor (and prince) turned down Musk’s offer in mid-April. At the time, he claimed that Twitter didn’t match its “intrinsic value” or “growth prospects.”

In response, Musk responded with a question about his company’s views on journalistic freedom of expression. He had said in his SEC filing two weeks ago that he could become a “worldwide free speech platform.”

“I hope even my worst critics stay on Twitter because that’s what free speech means,” he said on Twitter on Monday.

The Tesla CEO’s offer was a 38% premium over Twitter’s stock price before he announced his 9.2% stake in the company earlier this month. Last week, it reportedly secured $46.5 billion for the buyout — $25.5 billion from a debt and margin loan and another $21 billion from its own equity.

Twitter’s stock from then
It rose to $51.60. almost matching its bid of $54.20 per share. Today alone, the company is up 5% on the NYSE.

However, Bret Taylor, Twitter’s independent Chairman of the Board, described the acquisition as “the best way forward for Twitter shareholders” in a press release.

Doge-coin, Elon Musk’s favorite cryptocurrency, rose 26% after the Twitter sale.

Elon now has full control of Twitter.

Elon Musk in Control

Twitter image
Twitter

Elon announced that it will reduce censorship and make many improvements.

“I also want to make Twitter better than ever by enhancing the product with new features, open-source algorithms to increase trust, defeating spam bots, and verifying the identity of all people,” he said.

Jack Dorsey, the founder and former CEO of Twitter, supported Elon’s tweet, as well as media coverage. He stated that it should be an “open and verifiable protocol”.

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About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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