It is a victory for those who want absolute free speech, as Tesla CEO and Starlink boss Elon Musk, has finally acquired Twitter after two weeks of opposition from the company’s board members.
The Twitter board announced in a press release that they had finally reached an agreement. Musk will own 100 percent of the company and he purchased Twitter at his original offer of $54.20 per share.
PR Newswire reported:
Twitter, Inc. (NYSE: TWTR) today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.
Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.
Bret Taylor, Twitter’s Independent Board Chair, said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Parag Agrawal, Twitter’s CEO, said, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”
Musk became the company’s largest shareholder in March, after he had been acquiring shares in Twitter. Then he offered to buy the entire company. This caused quite a stir, as Musk is a self-declared “free speech absolutist,” and his fellow billionaires, like Amazon boss and owner of the Washington Post, Jeff Bezos was outraged by the proposal to buy Twitter.
The Twitter board attempted to block the takeover, deploying a “poison pill” strategy – intended to increase the cost of a takeover – but these efforts appear to have failed.
Musk stated that the reason he wants to purchase Twitter, was to restore free speech to the platform. It is no secret that social media, which heavily leans left, actively works against anyone who goes against their narrative.
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” wrote Musk.
Musk reiterated his motivations in a comment accompanying the announcement of the sale.
“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,” said Musk.
“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 spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”