Elon Musk buys the social media giant Twitter for $44B

Elon Musk buys the social media giant Twitter for $44B
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Elon Musk Buys the Social Media Giant Twitter for $44B

Twitter stated on Monday that it will become a privately owned corporation after its board of directors accepted Elon Musk offer to buy the company's stock for $54.20 per share in cash — around $44 billion.

04/25/2022

On Monday, the company’s board of directors unanimously authorized the acquisition, but warned that it was still “subject to the approval of Twitter stockholders.”

Many internet users, both inside and outside of the crypto sector, discussed free speech in the hours and days leading up to Tesla CEO Elon Musk’s purchase of social media giant Twitter.

Elon Musk Buys Twitter for $44B

Twitter stated on Monday that it will become a privately owned corporation. Twitter’s board of directors accepted Musk’s offer to buy the company’s stock for $54.20 per share in cash — around $44 billion. Though the transaction is expected to close in 2022, it is still subject to approval by Twitter investors as well as some regulators, Cointelegraph Reported.

Musk added in one of his final tweets before the purchase became public. “I hope that even my worst critics remain on Twitter since that is what free speech means.” Twitter cited Musk as stating, “free expression is the backbone of a functional democracy, and Twitter is the digital town square.”

People seemed to view the multi-billion dollar purchase as potentially having the opposite result

Many, however, seemed to view the multi-billion dollar purchase as potentially having the opposite result, according to a report.

Jackson Palmer, co-creator of the meme-based token Dogecoin (DOGE), which Musk has frequently promoted on the social media site, dubbed the acquisition a “hostile takeover” that is contrary to the concept of freedom. Bitcoin bull Anthony “Pomp” Pompliano welcomed the new Twitter owner. While crypto lending startup BlockFi took a more amusing approach, releasing a mashup photo of the Dogecoin dog and Twitter’s logo.

MicroStrategy creator and CEO Michael Saylor did not openly comment on the acquisition. Instead he responds to Musk with the wording of the First Amendment to the United States Constitution in a tweet, implying his approval for the action. Jody Hice, a member of the House of Representatives who has backed bogus charges of fraud in the 2020 U.S. The deal was also praised as a victory for the first amendment during the Presidential Election.

As a result of the purchase, Musk, who has more than 83 million followers. Considerably more than former Twitter CEO Jack Dorsey, who has 6.3 million. It may affect behavior on the network and social media in general.

On April 14, Tesla CEO Elon Musk stated that one of his major priorities for Twitter would be to combat. “Spam and scam bots and the bot armies,” especially those associated with cryptocurrency schemes.

By Elah Mae Ariate Wozinga Staff

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