Just a week after, announcing plans to buy off Twitter in his ‘best and final offer’, real life playboy, billionaire and philanthropist Elon Musk has finally acquired Twitter at a valuation of $44 billion with each share valued at $54.20.
Here’s a closer look at how one of the biggest acquisitions in the history of the tech industry went down and what changes you should expect from it down the line.
How it Went Down?
The struggle for acquisition initially started as a Twitter poll from Elon Musk in which he asked his 84.5 Million followers if they believed that Twitter rigorously adheres to the principle of free speech? right before becoming its largest stakeholder with a stake equalling 9.2%.
After this incident, it soon became evident that it was all a part of Elon’s plan of a hostile takeover, which Twitter’s board of directors tried to fend off using something called ‘poison pill’ defence, a financial move that deters anyone from having more than a 15% stake in the company by allowing others to buy additional shares in the firm at a discount often to make them look less attractive to the potential acquirer. But, the board finally gave up in a private meeting after Musk announced that he had secured the necessary funding.
Elon Musk, the “free speech absolutist” he is, wrote in an SEC (US Securities and Exchange Commission) filing that “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.” along with an end quote “Twitter has extraordinary potential. I will unlock it.”
What to Expect From It?
That said, we might see some major changes being made to the social media platform in the coming months which could include three things as of now as listed below:
- Making Twitter’s algorithm open source to increase people’s trust in the platform.
- Validating every human user in a move to get rid of bots and spam accounts from the platform.
- Introduction of a new edit button which was already announced earlier this month to declutter the platform.
Whatever the case is it will be amazing to see what Elon Musk would be able to pull off with his latest acquisition as he has done in the past with the acquisition of Tesla in the early 2000s which has since become one of the largest EV manufacturer in the world.
What do you think about Twitter being acquired by Elon Musk? Let us know in the comments section below. Until then stay join us on Telegram, Facebook, and Twitter to stay up to date with the latest happenings in the tech industry.