Now Elon Musk wants to buy Twitter

He has recently become the largest shareholder on Twitter, but does not want to join the board of directors. Now Elon Musk is planning to buy the social company completely for over 40 billion US dollars.

Elon Musk, Tesla boss and richest person in the world, already holds around nine percent of the shares in Twitter. Now he wants to buy the social company completely. For weeks there have been headlines about Musk and the short message service, which serves as the latest trend and news source for many people in the digital space. Elon Musk wants to buy all Twitter shares for around 41 billion US dollars – and then take the company private.

Turbulent times on Twitter: is the big bang coming now?

In November 2021, Twitter founder Jack Dorsey resigned as CEO of the company. He had given the role to previous CTO Parag Agrawal, who then announced big plans for the popular social platform. However, the last published quarterly figures (for Q4 2022) showed mixed developments.

In early April, news broke that Elon Musk, who has an estimated net worth of more than $280 billion, bought just over 9 percent of Twitter stock. He should be included as Director Class II on Twitter’s board of directors in order to work with Agrawal and Co. on new developments for the platform. In this role, however, he would not have been able to acquire more than 14.9 percent of the company by 2024. Eventually he turned down the post.

Now it is clear from documents Musk sent to the US Securities and Exchange Commission that he wants to buy the company outright. As Spiegel Online reports, he is offering shareholders $54.20 per share – which was around $46 at the time of the offer. If shareholders agree to the sale, Musk could acquire the company for $41.4 billion. However, the value of the share is currently increasing significantly. First he jumped after it became known that Musk had taken over the first shares. The share is currently becoming more expensive due to the planned takeover of the Tesla boss. Focus reported on April 14, 2022 by an increase of over eleven percent compared to the previous day.

Does Elon Musk want power over Twitter?

Elon Musk is one of the most popular users on Twitter and has over 80 million followers. He also tweets very regularly, often several times a day. His tweets often have weight, for example, they have already given Messenger Signal a download high and changed Bitcoin prices. However, he also uses the platform again and again to strongly criticize Twitter itself. He recently accused the platform of “undermining democracy”, indirectly demanded an edit button – which Twitter is now testing anyway – and asked publicly whether Twitter was dying:

Musk shares a lot of ideas about how he thinks the platform he loves to use could be improved. Perhaps he would like to initiate this himself as boss in the future. A few days ago, Parag Agrawal emphasized that the Twitter team wanted to escape the turmoil surrounding the Tesla boss and the distractions to focus on improving the platform. However, they are unlikely to be able to avoid the distraction caused by the billionaire entrepreneur’s purchase offer.

Whether Musk, should his takeover succeed, will take steps to strengthen freedom of expression, which he sees threatened on Twitter, remains to be seen. Twitter has been blocking misleading content about the corona pandemic for some time, adding fact check labels and content warnings to some tweets and automatically deleting toxic accounts. Accounts were also deleted by users who clearly violated the guidelines, most prominently in the case of ex-US President Donald Trump, who was extremely active on Twitter.

Big changes at Twitter in sight?

The policies and even the whole experience on Twitter could change soon. When Elon Musk buys the company, it also sets a precedent for digital coexistence. A multi-billionaire simply buys the platform he wants to change. According to Elon Musk, this offer will be his last; if he fails, he wants to think about staying involved with the platform.

It’s not that far yet because the shareholders first have to agree to a sale – as does the US Securities and Exchange Commission. It’s not that far yet, but the prospect of this development is already fueling the discourse on sovereignty on the Internet. Musk has become a trend on Twitter anyway – once again.

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Source: OnlineMarketing.de by onlinemarketing.de.

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