A deal has been reached between Elon Musk and Twitter over the purchase of the microblogging site. The price Musk will pay for the social network is about $44 billion, with each share valued at $54.20. Musk announced his takeover bid on April 14, describing it as his “best and last offer”.
Twitter’s independent board chair, Bret Taylor, released a statement saying, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing.”
Interestingly, Musk’s proposal originally resulted in Twitter implementing the so-called ‘poison pill defense’ against hostile takeovers. Musk, however, initiated talks with the board after he stated that he had raised funds.
The discussions reportedly escalated over the weekend after Musk wooed Twitter shareholders with the financial details of his offer. The firm, which went public in 2013, is expected to go private later this year, subject to Twitter shareholder and regulatory approvals.
Musk has committed to supporting free expression on Twitter, adding that he hopes even his harshest critics will stick around. He has also proposed adding an edit button, deleting advertisements for premium users, and increasing the platform’s authentication requirements.
“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 spambots, and authenticating all humans,” Musk said in a statement.
While the information on Musk’s ambitions for Twitter is scarce, the transaction will definitely have a consequence on Twitter’s operations in India. India is a major market for social media companies like Twitter. As of January 2022, Twitter had 23.6 million users in India, and the nation is anticipated to be one of the company’s most important regions for development.
The takeover has also raised speculations about the change in the top leadership of Twitter. In the past Musk has openly shown his dissatisfaction with the management of the microblogging site. Twitter CEO Parag Agrawal and Chairman Bret Taylor assured staff on Monday that the social network will continue to operate normally until the company’s sale to Elon Musk is completed later this year.
boAt and BookMyShow Navigate Troubled Waters Amidst Rapper Shubh Controversy
Will Torrent Pharmaceuticals Acquire Cipla? Is the Indian Pharma Giant in Financial Trouble?
Tata Nexon Facelift Unveiled: A Game-Changer in the Compact SUV Segment
Royal Enfield: The Regal Journey of Luxury Motorcycles
Physics Wallah Edtech: A Revolutionary Success Story
From YouTube to Billion-Dollar Valuation: Explore how Physics Wallah transformed India's EdTech landscape with affordable education.
Ola Electric Temasek Fundraise: Ola Electric Mobility Pvt Ltd Receives $140 Million Boost from Temasek to Accelerate Growth
Snitch, a fashion label for Men’s wear, records ARR of a whopping 100 crores in Q4 of FY’22
D2C fashion brand Snitch attracts an annual return of Rs. 100 crores within 2 years of its inception, aims to become India’s biggest fashion brand for men.
MediBuddy Secures $18 Million in Funding for Expansion and Acquisitions
Viacom18 Secures TV and Digital Rights for Indian Cricket Team’s Home Matches: A Game-Changer for Cricket Broadcasting
Pepsi Celebrates its Historic 125th Anniversary with 125-Day-Long Campaign
Pepsi Celebrates Its Historic 125th Anniversary with 125-Day-Long Campaign
Latest6 months ago
Ola S1 Electric Scooter: Everything You Need to Know About the Recall
Analysis5 months ago
Aryan Khan’s clothing collection D’Yavol X: The Devilishly Luxurious collection sold out in a day even with whopping prices!
Analysis8 months ago
Organic Food Industry in India: A Booming Industry with Huge Potential
News7 months ago
ReviewAdda By Rahul Jain: Helping Students Navigate Confusing Admission Processes at Private Universities
Analysis6 months ago
UpGrad vs Eruditus: Contrasting revenues in FY22
Analysis5 months ago
Yulu Revolutionizes Urban Transportation in India with Strategic Partners
Stories5 months ago
BlissClub Founder Minu Margeret: Bringing Inclusivity in Activewear
News5 months ago
Reliance, Circle E Retail in Joint Venture to Aid Hamleys and Rowan Toy manufacturing