Elon Musk Is Back on Track to Buy Twitter. What’s Next and What Does It Mean?
Elon Musk is back on the table to buy TwitterInc. for about$ 44 billion after countermanding on the deal over alleged spam- bot enterprises, converting a courtroom battle with the social media mammoth that he was doubtful to have won.
Musk, who has about 108 million followers on the platform, revived the offer in a letter to Twitter onOct. 3 at the original offer price of$54.20 a share. Twitter said it entered the letter and intends to close the deal at the agreed- upon price, without opining specifically on how it'll respond to Musk.
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Elon Musk Is Back on Track to Buy Twitter. What’s Next and What Does It Mean?
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Contributors Kristine Servando
streamlined on April 26, 1229 AM EDT
What You Need To Know
Elon Musk is back on the table to buy TwitterInc. for about$ 44 billion after countermanding on the deal over alleged spam- bot enterprises, converting a courtroom battle with the social media mammoth that he was doubtful to have won.
Musk, who has about 108 million followers on the platform, revived the offer in a letter to Twitter onOct. 3 at the original offer price of$54.20 a share. Twitter said it entered the letter and intends to close the deal at the agreed- upon price, without opining specifically on how it'll respond to Musk.
The original buyout deal was assembled at snappy speed, with events playing out veritably intimately on Twitter itself. Musk’s enthusiasm could be seen abating with every tweet. The deal includes a provision for him to pay a$ 1 billion figure, under certain circumstances, if the deal broke down.
Key Coverage
Musk Revives$ 44 Billion Twitter Bid, Aiming to Avoid Trial
Twitter Is in This Mess Because Jack Dorsey Was Too Busy Being a Bitcoin Influencer
All the Banks, Billionaires and VCs smelled Into Twitterv. Musk
By The figures
$5.08 billion
Twitter's profit in 2021
217 million
Monetizable daily active druggies, as of the fourth quarter of 2021
$54.20
Price per Twitter share, under the deal to buy Twitter
Why It Matters
Going private under Musk could mean a dramatic change for a company that got its launch in 2006 as a service for participating short- burst updates with musketeers and converted into a global hive of public debate.
After his rearmost volte-face, the billionaire twittered that a Twitter deal would pave the way for “ X, the everything app, ” signaling he could be looking to produce asuper-app analogous to China’s monstrously popular WeChat. Unleashing free speech and eradicating fake and automated misinformation accounts had before been the roof poles of Musk’s proposed changes if he took over.
Twitter now faces a future under a unpredictable billionaire who has spent months intimately censuring its operation, questioning its value and changing his mind. Musk’s claims — including that Twitter was lying about what chance of druggies were bots are likely to be swept away and not scanned in court. The company has denied them formerly, saying lower than 5 of accounts are fake. But his opinions about plant practices, temperance morals and expansion into new business areas will be nearly covered.
Investors, social media druggies and Twitter’s cautious workers all want to know what the Musk period of Twitter will look like.