Update 25/04/2022 3:21pm ET: Twitter has announced that Tesla CEO Elon Musk will officially be acquiring the platform in a transaction valued at approximately $44 billion USD (about $56 billion CAD).
The Tesla CEO is officially buying the social media giant in a deal valued at around $44 billion USD.
Twitter appears to be in its final stretch of negotiations with Tesla and SpaceX CEO Elon Musk, before the world’s richest man takes the company private.
Musk recently claimed to have secured $46 billion USD (roughly $57 billion CAD) in debt and equity financing to purchase Twitter outright, and while Twitter’s board of directors were apprehensive of the move at first, and even deployed a ‘poison pill’ maneuver to block Elon Musk’s buyout proposal, a new Bloomberg report suggests the decision could be made as soon as today, Monday, April 25th.
And authenticate all real humans
— Elon Musk (@elonmusk) April 21, 2022
The $54.20 per-share deal, according to Musk, is suitable and enticing, though he did say that if his bid is not accepted, he “would need to reconsider his position as a shareholder.”
Musk also stated that in order for Twitter to thrive, it needs to become a genuine platform for free speech, and for that to happen, it must be taken private.
Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.
What should be done? https://t.co/aPS9ycji37
— Elon Musk (@elonmusk) March 26, 2022
Since the ‘Musk-Twitter’ saga began, the social media platform has announced that it is working on an ‘edit button.’ Soon after, reverse engineer Jane Manchun Wong discovered that the in-development feature would give users the ability to check the Tweet’s edit history.
Additionally, if taken private by Musk, the platform will work to get rid of the spam bot infestation it currently finds itself in, and give all human users a new visual authentication mark.
Considering the recent toll the Russia-Ukraine war has inflicted on stock markets around the world, paired with the Federal Reserve System’s hawkish outlook about rate hikes to curb high inflation, the $54.20 per-share deal might turn out to be lucrative for Musk once the market starts reversing.