Skip to content

Speed Check

Menu
  • Home
  • About
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • Shop
  • Speed Test
Menu
elon musk twitter

Elon Musk has paid $44 billion for Twitter.

Posted on April 28, 2022

Twitter disclosed the sale of the social network to billionaire Elon Musk on Monday (25), for around US$ 44 billion – or R$ 208 billion in direct conversion. The agreement was reached when the parties agreed on a price of $54.20 per share. The transaction is also unrelated to any other Musk assets. Twitter will become a private corporation once the deal is completed.

Twitter’s Board of Directors unanimously authorized the acquisition, which is anticipated to completion in 2022. It still has to be approved by the company’s shareholders and gain the appropriate regulatory clearances.

Musk acquired $25.5 billion in financing and additional $21 billion in equity for the acquisition.

Musk purchased around 9% of Twitter shares earlier this month for $2.89 billion. The action alarmed the company’s shareholders, who offered him a seat on the board of directors, only to be turned down by the CEO. Musk’s current offer to acquire 100 percent of the platform was his “best and last.”

Musk stated that the purchase of Twitter is connected to freedom of speech in an interview at a TED event on April 14. He also agreed that the social network’s algorithm should be open source, which would increase openness about how the site operates.

Emphasis on freedom of speech

According to the terms of the deal, Twitter’s present shareholders would receive $54.20 in cash for each share of common stock they own until the transaction is completed. Twitter’s independent chairman, Bret Taylor, said in a statement that “a meticulous and comprehensive process has been carried out to examine Elon’s proposal with a deliberate emphasis on value, clarity, and finance.”

Twitter has announced a button to modify postings; let’s see how it works.

Taylor also believes that selling the social network to the billionaire is “the greatest way for Twitter shareholders.” Musk tweeted this afternoon that he hopes even his harshest detractors would “remain on Twitter, since that’s what free expression is.”

Twitter’s current CEO, Parag Agrawal, who succeeded Jack Dorsey in November 2021, said that the social network “has a purpose and significance that affects the whole globe We are very proud of our colleagues and are motivated by the job that has never been more crucial.”

Musk’s purchase, he said in a memo, “supported the concept of freedom of speech.” “Freedom of speech is the backbone of a functional democracy, and Twitter is the [public] square of the digital city where crucial issues affecting humanity’s future are argued,” he stated.

Musk returned to speak about “unlocking the potential” of the social network and underlined actions that should be implemented, alluding to previous speech given by Musk himself:

Introduce new features

Making social network algorithms open source in order to “boost trust”

Take down spam bot chains;

All human users must be authenticated.

“Twitter has huge potential – I’m excited to help with the business and the community to realize it,” Musk added.

Leave a Reply Cancel reply

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

Search

  • Artificial Intelligence: Understanding the Basics and Future Possibilities
  • How much is a good pet insurance?
  • Why Businesses Need To Prepare For Google Web Vitals In 2022
  • Website Page Speed Checker
  • Mastodon: The Twitter Alternative You Should Be Using
©2023 Speed Check | Design: Newspaperly WordPress Theme
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT