Elon Musk Acquire Twitter To Make It “Better Than Ever”, Deal Details Here – Twitter is bought by Elon Musk After a dramatic struggle to take over Twitter, Elon has finally bought the giant Social Media Platform. Finally, The Social Media Platform will become private, which is too early to decide whether a good or bad thing. There are speculations coming from all directions about the future of Twitter.
Elon Musk Buys Twitter
So far we know that the company unanimously decided to sell itself to Elon Musk on Monday Morning for $44 Billion. Let’s revisit the whole story for clarification sake and what it means for the company and everyone who uses Twitter. Twitter was launched in 2006 with the first Tweet by Jack Dorsey on March 21. The Microblogging Social Media Platform was started by Parent Company “Odeo”. The idea behind the platform was to develop a text-based status sharing platform where users are able to tweet the status in 40 words. It has little to no popularity at the start. Later at Southwest Interactive Conference, it gained popularity and after that, it is growing steadily.
Presently it has evolved into the largest microblogging platform where a great many important issues are discussed every second. Users share text status as well as media files. Almost all the celebrities and politicians are on the Twitter platform and use it regularly to connect and discuss things with their followers. In a sense, it provides better communication in democracies than in democracies themselves. With one single tweet, you can complain about an incident directly to a magistrate or PMO. The platform has immense power to shake and make things around the world.
Elon Musk Buys Twitter Deal Details
It is believed to have influenced US Presidential Election which is scary. It also banned Donald Trump from the platform while he was the US President. Imagine having more power on earth than US President. This is the power of microblogging sites and how they are influencing and changing the world. The platform also can be used to spread hate and dangerous propaganda which has happened in the past. Recently the platform has evolved out of these problems by developing mechanisms to eradicate fake news, false propaganda, and religious hate speech. It regularly tests and remove these kinds of post and bans them.
Musk made a proposition to buy all of Twitter from its stakeholders at $54.20 per share. Initially, there was a hint of worry in the heart of Tesla’s Stakeholders that he might sell his shares in Tesla to buy Twitter which is bad for Tesla’s share prices. That anxiety was cleared when he announced last week that he has secured “All responsible loan” from dozens of banks and lenders worth $25.5 Billion. These loan arrangements from Morgan Stanley Investment Bank and various Lenders were announced by him earlier, asking Twitter to take his offer more seriously. He will also spend an additional $21 Billion in cash reserve to make the purchase. After that Twitter will become an entirely Private Company solely owned by Elon Musk Himself, as stated in the purchase draft.
Future Of Twitter – What’s Next?
It all started when the richest person on the planet told the world that he is the largest shareholder of Twitter. He told that he owns around 9% of Twitter shares. Till then it was shared company by employees who believed in the democratic function of Twitter. After the revealing of his Share in Twitter, Elon Musk also made a public offer to buy Twitter for $41 Billion which was refused instantly on the grounds of not making the platform private. It tried to save itself from Elon by following the “Poison Pill” Strategy. The strategy had the objective to save itself from going into Elon’s Hands by giving more shares to already shareholders at a cheap price.
Twitter’s Reaction To Musk’s Offer – CEO Parag Agarwal
After one week of struggle or drama (whatever you wish to call it) finally the Twitter Board Chaired by CEO Parag Agarwal announced on Monday at company headquarters that it has decided to sell itself to Elon Musk. He did not say anything about the future of private Twitter. Although he did say that there will not be Layoffs which I think is prematurely said.
Elon on the other hand is excited about the future of Twitter and hopes to unlock the potential it has. Elon wishes to make the platform more liberating. In his latest tweet, he mentioned some fixes for the future of Twitter. Elon says that Free speech is the bedrock of Democracy and Twitter is the platform where vital matters to human existence are discussed regardless of nationality, government and religion.
Elon also wants to add more features to Twitter making it more accessible to people. He wishes to open source the algorithm of Twitter to make it more reliable and trustworthy. He wishes to defeat the spambots. Elon also wants to apply Human Verification to all users to tackle the spread of misinformation. Although these things are complicated enough however Elon Musk is the man who can uncomplicate these things. We all know that he is a liberal who believes in free speech. Maybe he will allow Donald Trump to join Twitter again although I am not so sure about it.