Billionaire Elon Musk becomes the new owner of Twitter

Tesla’s CEO made a shocking $43 billion offer two weeks ago when he said Twitter had “huge potential” that he would unlock.

Mr. Musk’s offer comes after he already owns a 9.1% stake in this social network. However, Twitter initially refused and blocked the deal by deploying “poison” tactics, allowing other shareholders to obtain a larger stake, at a higher discount, if any of the shareholders owned the company. owns more than 15% shares.

Billionaire Musk then threatened to “dissolve Twitter’s board of directors” for acting against the interests of shareholders if the final agreement is approved.

“Twitter’s board of directors initially rejected Elon Musk’s offer, but will now ask shareholders to vote through a $44 billion ‘change of name’ deal,” the BBC reported.

Billionaire Elon Musk has reached an agreement to buy Twitter for $ 44 billion. Photo: Fox

“The Twitter Board of Directors conducted a thorough and comprehensive process to evaluate Mr. Elon Musk’s proposal with a focus on value, certainty, and financing. The proposed transaction will yield a premium. significant cash premium, and we believe it is the best path forward for Twitter shareholders,” Twitter Independent Board Chairman Bret Taylor said in a statement, adding that The deal will be completed by the end of 2022.

Twitter is facing increasing pressure from politicians and regulators over the content appearing on their platform.

Along with the offer to buy Twitter at a shocking price, the SpaceX founder also called for a series of changes to the Twitter platform from easing restrictions on content to removing fake accounts.

Musk emphasized that he wants Twitter to be “better” by introducing new features, making Twitter’s algorithm open source, eliminating virtual accounts and authenticating users.

“Twitter has great potential. I look forward to working with this company and the user community to unlock them” – billionaire Elon Musk added.

Tech billionaire Elon Musk now has more than 80 million followers on Twitter since joining in 2009 and has used the platform to make various announcements.

The fact that he became Twitter’s biggest shareholder and then acquired this giant social network has caused many surprises. In fact, the founder and CEO of SpaceX and Twitter used to “talk back and forth” with each other.

Twitter regulators have criticized US billionaire Elon Musk for making a number of announcements, including Tesla’s own deal on their platform.

In response, the Tesla CEO also questioned Twitter’s commitment to free speech. Even billionaire Elon Musk recently conducted a poll on Twitter and asked users if they believe the platform adheres to the principles of free speech. As a result, more than 70% voted “no”, according to Reuters.

Billionaire Musk is the richest person in the world, according to the magazine Forbes, with an estimated net worth of $273.6 billion, largely thanks to his stake in electric vehicle maker Tesla. He also leads the aerospace company SpaceX.