Yesterday, Twitter’s board announced it has accepted an offer from billionaire Elon Musk to buy the social media company for $54.20 per share in a cash transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.
It’s a seminal moment for Twitter, a 16-year-old company that emerged as one of the world’s most influential social media platforms.
The announcement ends a weeks-long saga that Musk kicked off when he disclosed a large stake in the company. Soon after, the company said he would join the board, only for Musk to reverse course on that plan several days later. Then, he offered to buy the company at $54.20 per share, his “best and final” offer. That offer valued Twitter at about $44 billion.
Musk has been a heavy critic of the Twitter platform while using it. He has indicated that his primary interest in Twitter has to do with what he views as the company’s censorship of free speech. Musk has said he wants Twitter’s algorithm for prioritizing tweets to be public, and objects to giving too much power on the service to corporations that advertise.
Critics of Musk are concerned that the billionaire’s control over the platform will result in the silencing of their voices and others with whom he may disagree.
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