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Elon Musk may just buy Twitter today after all…
The world's richest man said he doesn't want to buy Twitter just to make money...
A phone screen displays the Twitter account of Elon Musk with a photo of him shown in the background. Photo: AFP/Olivier Douliery
The Twitter-Elon Musk saga took a turn on Monday with the social media giant reportedly “poised to agree to a sale”.
Reporting for Reuters, Greg Roumeliotis says: “Twitter Inc (TWTR.N) is poised to agree a sale to Elon Musk for around $43 billion in cash” – Musk’s “best and final” offer.
The Twitter-Musk saga
No official confirmation
Twitter is reportedly in the final stretch of negotiations with Musk. The rumours, however, could not be verified as Reuters‘ sources requested anonymity.
At the time of publishing, no official statements had been released by either Twitter or Musk. That said, the New York Times reports 11 members of the Twitter board met with Musk on Monday.
The latest twist follows after Musk on Thursday 14 April 2022 offered to buy the social media platform for $54.20 a share.
Musk’s initial Twitter bid
Turn the dial back to 4 April 2022: Musk announced he had bought 9.1% of Twitter, a move which sent the platform’s stock pricing soaring.
Musk, of course, had suggestions on how to improve Twitter and led users to believe he would turn the much-awaited ‘edit button’ from wishful thinking to tangible reality.
Twitter.Inc responded by offering him a board seat, which would in the long-term count in the social media platform’s favour as Musk would be restricted to only owning 15%.
He initially said yes but later declined the offer.
This is where we stand now
Fast forward to Monday, 25 April, and Musk offered to buy Twitter for $43 billion (a company with a $37 billion market cap).
“Twitter is taking a fresh look at the offer and is more likely than before to seek to negotiate,” the Wall Street Journal reported, citing sources familiar with the matter.
As of Monday, Twitter shares began climbing at the open of Wall Street trading again. Just 10 minutes into trading, the company stock increased by 3.7%.
What to expect if Musk owns Twitter
For starters, we may just get that edit button after all. Musk also indicated in the past that the social media platform had to go private to support his long-term vision.
Apart from the edit button, this may also include less moderation and stricter regulations for removing tweets, as well as an open-source algorithm, according to The Verge.
The world’s richest man said he isn’t buying the social media platform to make money. Instead, his sole mission is “to protect free speech”.
ALSO READ: Elon Musk becomes ‘richest person to ever walk the planet’ – Forbes
The ‘quest for free speech’
Soon after his sales bid, Musk said he has an “obsession with the truth” and free speech, but as The Verge points out, the billionaire may be in for a rude awakening.
“As [senior reporter at The Verge] Adi Robertson points out, his understanding of free speech appears to be nebulous at best.
“After examining Musk’s comments, as well as previous efforts by Twitter’s leadership to contend with speech laws around the world, she concludes that Musk may be in for a rude awakening if he succeeds in buying the social media platform.”
