Elon Musk efficiently acquired Twitter for $ 44 billion

True to past revelations, billionaire Elon Musk finished the acquisition of the social network Twitter on April 25.

Elon Musk has “closed the order” to get Twitter

As reported by Coinlive, each the US tech planet and the cryptocurrency investing local community had been in turmoil all through April 25 with information that billionaire Elon Musk’s deal to obtain Twitter was on the verge of collapse. Filling can be finished on the exact same day.

True to the rumors, at dawn on April 26, Twitter launched a statement confirming that it had reached an agreement to get back a hundred% of the company’s shares at a price tag of $ 54.twenty / share, which usually means that Tesla’s CEO will have to shell out about $ 44 billion to develop into the new proprietor of Twitter.

https://t.co/6IAyjHyAHJ

– db (@ tier10k) April 25, 2022

This is also the “best and last” price tag supplied by Mr. Musk on April 14th. The price tag of $ 54.twenty per share is also 38% greater than TWTR’s share price tag on April one, when Musk initial announced that he had repurchased a 9.two% stake in Twitter.

Upon completion of the transaction, Twitter will revert from a publicly traded joint stock corporation place to a personal corporation beneath the complete management of Mr. Elon Musk.

When he acquired the first provide to get, the Twitter board’s place was to oppose the acquisition of Mr. Musk, even to use the “poison” defense mechanism to block all efforts of the billionaire. . However, immediately after a meeting involving the two sides final weekend, it seems that Tesla’s CEO has convinced the owners of Twitter to hand him more than the management.

Twitter chairman Bret Taylor explained:

“Twitter’s board of directors cautiously evaluated Elon Musk’s provide, taking into account factors this kind of as worth, certainty and monetary viability to total the deal. The proposed transaction will supply a important return for traders, which we think is the most effective course for the company’s shareholders. “

Meanwhile, Mr. Elon Musk, who previously stated that the goal of the Twitter acquisition is not to monopolize the media, but on the contrary, to reform this social network, fix present issues on spam accounts, bots and encourage the freedom of word and unleash Twitter’s complete prospective by saying:

🚀💫 ♥ ️ Yes !!! ♥ ️💫🚀 pic.twitter.com/0T9HzUHuh6

– Elon Musk (@elonmusk) April 25, 2022

“Freedom of expression is a basic component of productive democracy and Twitter is a ‘square’ of the digital planet the place challenges relevant to the potential of humanity are heatedly debated. I want to make Twitter superior than ever by innovating present goods with one of a kind options, open-sourcing the Twitter algorithm for transparency, ending bot spam, and verifying the use of people’s identities. Twitter has huge prospective: I can not wait to discover it with the corporation and its consumers. “

Reactions from the crypto local community

It’s unclear what Musk’s precise programs are for Twitter. However, with Elon Musk’s romance with cryptocurrencies, the local community is keen to see what programs the billionaire is coming up with in the context the place Twitter has manufactured a lot of moves to accept tangible cryptocurrencies, which include providing consumers the capacity to include Bitcoin addresses. / Ethereum to your profile to send and obtain money, as effectively as set NFT as your profile image.

The price tag of the Dogecoin cryptocurrency (DOGE), the memecoin promoted by Elon Musk and accepted for payment by the Tesla corporation, has soared thanks to the information that the Twitter agreement has been finished. Musk earlier this month hinted at accepting DOGE payments for the Twitter Blue services, a move that could considerably maximize the use of DOGE and serve as a springboard for new integrations in the potential, not just with Twitter, but even in the American tech planet.

Many prominent figures in the cryptocurrency local community have expressed mixed views on Elon Musk’s acquisition of Twitter. Binance CEO Changpeng Zhao whispered in assistance of Mr. Musk’s move, commenting, “I’d like to filter out spam responses in comments.”

Can’t wait to clean up comment spam.

– CZ Binance (@cz_binance) April 25, 2022

As normal, FTX CEO Sam Bankman-Fried summed up his individual viewpoint in a series of lengthy Twitter posts, in which he recommended applying blockchain to potential Twitter governance to dispel criticism that Twitter has misplaced its standing. its freedom and will censor facts extra rigorously when it is now. a personal corporation owned by Mr. Musk.

one) So it looks @Elon Musk could in fact get efficiently @Twitter!

Is it excellent for consumers and society? Bad? Something else?

– SBF (@SBF_FTX) April 25, 2022

Even DeFi market figures who advocate the highest philosophy of decentralization and anonymity, this kind of as developer Yearn Finance banteg, disagree that no cost speech is topic to the company’s philosophy. Tech billionaires like Musk or Telegram proprietor Pavel Durov, ma banteg explained let us see what Musk will do with Twitter and then carry on to criticize.

It is unhappy that no cost speech has so number of pals that we have to depend on the benevolence and concepts of some tech billionaires like Durov and Musk.

I hope I can do superior one particular day, but for now I welcome our new Twitter masters.

– banteg (@bantg) April 25, 2022

The odd factor is that former Twitter CEO Jack Dorsey has not talked about Elon Musk’s takeover of the social network so far. Although he is no longer the CEO of the social network, Mr. Dorsey is nevertheless the member who holds the most shares on Twitter’s board of directors and typically participates in controversies with Elon Musk on this extremely social network. issues, from technological innovation to every party’s preferred cryptocurrencies, which include Bitcoin and Dogecoin, to emerging industries like Web3.

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