World’s richest man buys Twitter

Elon Musk bought Twitter.

In what has become the biggest “will/won’t they” story since Ross and Rachel, Twitter’s board has finally decided to accept the $44 billion takeover bid. dollars from Musk.

Early speculation on Monday morning led Twitter stock to rally after a week-long slump. Ironically, the stock’s recent drop in performance has been attributed to a lack of confidence in the Musk/Twitter deal.

It’s over now, and we can expect stocks to rise at least in the short term following the massive deal.

where it started

The whole kerfuffle started earlier this month when Musk bought 9.2% of Twitter shares to become its largest shareholder.

Subsequently, the company offered Musk a position on the board of directors in what most pundits saw as a transparent attempt to prevent the world’s richest man from buying more shares.

At first, Musk signaled his willingness to take the job. But he ultimately declined before making an offer on the whole business. Why sit down when you can take over the whole building?

Twitter was reportedly reluctant to agree to the deal. Initial reports said the company’s board voted unanimously and instituted a so-called “poison pill” policy to prevent a possible hostile takeover.

In the meantime, it appeared that Twitter might have avoided the takeover. There was even speculation that a more favorable contender for the status quo might arise.

However, as CFRA senior equity analyst Angelo Zino told CNN, it became clear that a “white knight” was not going to show up and top Musk’s offer.

Where are you going

Now that Musk is in charge, residents of the internet’s most politically divided social media network can expect change.

In a now-public letter to Twitter’s board, Musk outlined his drive to drive wholesale reform within the company to achieve his personal goals for the app:

I invested in Twitter because I believe in its potential to be the platform for free speech worldwide, and I believe that free speech is a societal imperative for a functioning democracy. However, since making my investment, I now realize that the business will not thrive or serve this societal imperative in its current form.

Twitter needs to be turned into a private company.

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