A crypto brother retires; another comes to take his place. Just weeks after announcing his offer on Twitter, Elon Musk signed a “definitive agreement” to buy full ownership of the company. The deal is valued at around $44 billion, and once it’s completed, Twitter will go public and become a private company.
Tesla CEO and meme enthusiast Elon Musk recently bought a large chunk of Twitter, enough to join the board of directors. He quickly decided to take over the entire company, citing his disappointment in the way Twitter handles “free speech” and spam. He also expressed an interest in making Twitter open source, which would spawn clones of the website and make it easier to develop third-party extensions.
Despite some applause on social media and a crackdown on buying poison pills by Twitter leaders, Elon Musk’s plan worked. This deal is simply too lucrative for shareholders to ignore: At a price of $54.20 per share, Musk is buying the shares at a nearly 40% premium.
🚀💫♥️ Yay!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
-Elon Musk (@elonmusk) April 25, 2022
The changes that Musk will make to Twitter are unknown. But the new CEO is likely to focus on spam (his threads are full of replies from bot accounts) and whatever he perceives as free speech. We can also see a restructuring within the company; Musk is quite hands-on with his business, and of course he is constantly using twitter while constantly criticizing the platform.
It’s worth mentioning that former Twitter CEO Jack Dorsey has a lot in common with Elon Musk. They both have a lot of cash, they’re both weirdos, and they both love cryptocurrencies. In fact, Dorsey quit Twitter last year to focus on crypto at Square (now called Block), his banking and sales company.
Guess we’ll just have to wait and see what the epic memelord does with his new toy. Personally, I hope he just closes Twitter for a laugh. It would improve my mental health and probably make the world a better place.