At a Glance:
- Elon Musk offered $44 billion to Twitter as it did not live up to its potential as a platform for ‘free speech’.
- Twitter used the anti-takeover measure called ‘poison pill’ which would make the takeover an expensive deal.
- Elon Musk has acquired Twitter intending to enhance the platform.
Several rumors were surfacing after Twitter received an offer from Elon Musk. Recently, Elon Musk offered $44 billion to Twitter as it did not live up to its potential as a platform for ‘free speech’.
Twitter confirmed that after the sale, the company would be privately held. The CEO of Twitter, Parag Agrawal commented, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”
Twitter used the ‘poison pill’
After the presented offer, Twitter used the anti-takeover measure called the ‘poison pill’ which would make the takeover an expensive deal. However, Elon Musk outlined the financial commitments backing the offer of $46.5 billion and there were no bidders ultimately making the board negotiate the deal.
The Chair of Twitter, Bret Taylor ensured that the company will keep on operating on continuity. He said, “I think we feel very comfortable that (the deal) gives this team the ability to continue to make the company successful in between signing and closing the transaction.”
Elon Musk on the Twitter acquisition
Elon Musk has acquired Twitter intending to enhance the platform. He stated, “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.”
Despite the acquisition, there will be no changes in the workforce or layoffs for now. Twitter has 7,000 employees and is uncertain where the platform will head after this.
For Twitter to deserve public trust, it must be politically neutral, which effectively means upsetting the far right and the far left equally
— Elon Musk (@elonmusk) April 27, 2022
