Friday, September 30, 2022

Breaking: Twitter Finally Agrees to Elon Musk’s $44B Takeover Bid

Social media giant, Twitter has finally agreed to the $44 billion takeover bid from Elon Musk, the world’s wealthiest man. As reported by the Associated Press (AP), Twitter said the company will be taken public once the acquisition deal has been finalized.

“Twitter has a purpose and relevance that impacts the entire world,” its CEO Parag Agrawal said in a tweet. “Deeply proud of our teams and inspired by the work that has never been more important.”

The move to acquire Twitter was preceded by the announcement of the acquisition of a 9.2% stake in the company by the Tesla boss. According to Musk, the social media platform is not living up to its potential when it comes to being an outfit that supports free speech, and he has the prerequisite knowledge to change the platform for good. 

The Former Twitter Board’s Resistance and Future Expectations

The formal bid for the social media outfit came about a week later, however, it was met with a vehement protest from the company’s board. 

From the second-largest shareholder, the Vanguard Group increased its stake in the company to 10.3% in order to stump the Twitter buy-up to the introduction of a “Poison Pill” policy that can prevent such hostile takeovers, the confirmed acquisition news is evident that the board sees no better alternative at this time. 

Elon Musk has not held back some of his suggestions to transform the social media platform, including the reduction of the subscription fee for the Twitter Blue service and permitting users to pay in Dogecoin (DOGE).

With plans to take the company private, users are expected to see a couple of changes which may even seep down to the company’s ad policies, as the billionaire investor believes that to allow for a proper allowance of free speech, money cannot be a primary factor.

While a number of crypto investors are hailing the move, there are a number of people who are skeptical about Musk’s ambitions to permit free speech as a single man. 

How Musk and his new company will gain the trust of users is yet to be seen, but it appears the future of Twitter is one millions of the app users cannot wait to unfold.

Godfrey Benjaminhttps://cryptomarketsbeat.com
I'm just a nerd who wants the world to know about the unique capabilities of blockchain and digital currencies

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