Photo: NPR
Twitter has made a deal with the richest man in the world, giving Elon Musk complete control over the social media platform that has extensive power in politics and society.
After under two weeks since Musk initially proposed to purchase Twitter, an announcement from the company came saying the billionaire would pay approximately $44 billion, or $54.20 per share, to acquire the microblogging service company.
The deal led the company’s board and management to undergo a crisis mode as they struggled to assess if Musk was serious and if his offer justly compensated the company’s value. Musk has promised to “unlock” Twitter’s ability by easing what he believes as unjust restrictions on free speech.
“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,” he stated in the announcement on Monday.
The business magnate is an avid Twitter user and vocal spectator, boasting 83 million followers and posting memes constantly, talking about his giants Tesla and SpaceX, and arguing with critics.
Musk started to gain Twitter shares in January. He later announced on April 4 that he had acquired over 9% worth of stake, becoming the company’s largest shareholder. Afterward, he started urging modifications to the platforms, such as easing its rules on the posts users can upload, prohibiting bots that post spam, and disclosing its algorithm to the public.
If the agreement materializes as anticipated, Musk will have the power to transform the company and platform as he wants. However, several questions are still running through people’s minds—how much of Musk’s time, considering his helming both Tesla and SpaceX, will he spend on Twitter and who will head the social media platform.
At Monday’s company meeting, Twitter CEO Parag Agrawal told workers that the future depends on Musk, according to a source inside the company.
Agrawal will remain at the helm until the agreement settles. However, it is not clear what will occur after that period. The CEO also said Twitter is not considering employee recession.
Opinions expressed by CEO Weekly contributors are their own.
