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Tuesday, October 4, 2022

Elon Musk takes over Twitter for $44 billion

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Twitter agrees to a takeover by Tesla boss Elon Musk. The richest man on earth pays no less than 44 billion dollars (41 billion euros) for the social media company.

Musk, who already owned more than 9 per cent of Twitter before his bid, previously doubted whether his takeover attempt would succeed. The social media company was not keen on a takeover. By meeting other shareholders, Musk eventually managed to gain support for his takeover bid.

After hearing of Musk’s plans, a number of shareholders contacted Twitter and indicated that the company should not miss this opportunity. Musk finally managed to get the unanimous approval of the Twitter board.

Current shareholders will receive $54.20 per share. It is not yet entirely clear what Musk wants with Twitter. He does indicate in a tweet that he sees Twitter as an important tool for freedom of expression. “I hope my biggest critics stay on Twitter because that’s what freedom of expression is all about.” He also indicates that he wants to make Twitter “better than ever” with all kinds of new functions. For example, he wants to make Twitter’s algorithms ‘open source’, so that users can tinker with Twitter themselves.

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