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Twitter Accepted the Offer
From early negotiations with Elon to securing financial protection on the deal, the board discussed the offer at length. And, on April 25th 2022, Twitter made an announcement that they have accepted Musk’s offer to sell the social media firm at $44 billion. Following this deal, Twitter will become a privately held company, as stated in a press release.
Twitter’s independent board chair Bret Taylor shared, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Post the announcement, Elon Musk shared, “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated. I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
Soon after the news broke out, social media was filled with memes about the Twitter buy-out. From Instagram to Snapchat, the billionaire trended on all platforms around the world. But, just as the news started to sink in on May 13,2022 the billionaire casted doubts over the whole thing tweeting that the all-cash deal was “on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users”.
