The world's richest man buys Twitter for $44bn and takes charge of the social network. Regardless of ElonMusk's successes, many remain sceptical of the platform's future.
, The Boring Company, and co-founder of Neuralink and OpenAI — Musk had also set his sights on one of the most popular social media networks.On 4 April, Musk became the platform’s largest single shareholder with a 9.2 per cent stake, which brought on a few weeks of speculation about Twitter’s future, as per
. Then, the entrepreneur was invited to join the board but instead, he declared a takeover bid on 14 April and offered to buy all of Twitter’s shares for US$54.20 each.Twitter’s board was initially reluctant and enacted an anti-takeover measure known as a poison pill that would have made an attempt prohibitively expensive.
The transaction was approved unanimously by Twitter’s board of directors and is pending regulatory sign-off. The deal is expected to close this year. After which, Musk will be joining the Twitter staff for a question-and-answer session at a later date, according to chief executive Parag Agrawal.
: “Do not allow Twitter to become a petri dish for hate speech, or falsehoods that subvert our democracy.”If a successful takeover occurs, it would mark one of the biggest acquisitions in tech history and possibly shape how the world uses social media. The sale will give Musk control of a social network with over 200 million users and the company he frequently criticised. He claims that Twitter has not lived up to its potential as a platform for “free speech”.
As an influential and prominent user of the app with 83 million followers, Musk expressed his interest in buying Twitter in 2017. He believed that the network needs to become a private company instead to build trust with users and do better at serving the “societal imperative” of free speech.
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