Elon Musk and Twitter

Elon Musk and Twitter Have a Deal. He is on the verge of assuming control of Twitter.

Musk and the influential social network’s board of directors have agreed to a deal that values the company at around $44 billion, according to a press release issued by Twitter on Monday. Musk would pay shareholders $54.20 per share, a 38 percent premium over Twitter’s closing stock price on April 1, when the tech billionaire declared his 9 percent interest in the firm. Musk is a major stakeholder in Twitter.

The entrepreneur, who is already the CEO of Tesla, SpaceX, and other firms, made an unsolicited approach to purchasing the company earlier this month. While Twitter was initially anticipated to reject the offer, the firm allegedly warmed to the notion once Musk unveiled his funding strategy for the bid, which included investment bank Morgan Stanley’s support.

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The transaction, which was unanimously authorized by Twitter’s board of directors, is set to conclude in 2022. It must yet be authorized by Twitter shareholders.

The arrangement brings to a close Musk’s rocky history with Twitter, and it raises doubts about how this will affect the social network’s direction. Twitter has previously struggled to increase user and ad revenues as it battled with larger corporations such as Facebook and Google. Twitter has set a revenue target of $7.5 billion and a user base of 315 million by 2023.

Musk, who has 83 million followers on Twitter, is an ardent user as well as one of its harshest critics. He has publicly questioned how Twitter moderates material, constantly polling his followers on potential changes on the platform.

“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,” Musk said in a statement. “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 spambots, and authenticating all humans. Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”

The First Amendment provision of free expression in the United States Constitution applies to the government limiting speech but not to social media businesses, which have their own rules regarding what is and is not allowed on their platforms.

Musk has also proposed reforms to Twitter, including combatting cryptocurrency frauds, opening up Twitter’s algorithm, and introducing a tool that allows users to modify tweets.

Twitter CEO Parg Agrawal, who had been silent on social media regarding Musk’s takeover effort, said Monday that Twitter “has a purpose and significance that affects the whole globe” and that he is “truly proud of our staff and inspired by work that has never been more vital.”

The First Amendment provision of free expression in the United States Constitution applies to the government limiting speech but not to social media businesses, which have their own rules regarding what is and is not allowed on their platforms.

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Musk has also proposed reforms to Twitter, including combatting cryptocurrency frauds, opening up Twitter’s algorithm, and introducing a tool that allows users to modify tweets.

Twitter CEO Parg Agrawal, who had been silent on social media regarding Musk’s takeover effort, said Monday that Twitter “has a purpose and significance that affects the whole globe” and that he is “truly proud of our staff and inspired by work that has never been more vital.”

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