A Deal Two Weeks in The Making: Elon Musk Rules Twitter
April 27, 2022
On Apr. 25, Twitter accepted Elon Musk’s $44 billion bid for the social media giant. The sum makes up 16% of his net worth and seven times the bluebird company’s co-founder, Jack Dorsey’s, own net worth.
Rumors of the South African billionaire’s acquisition formed after he purchased 9.1% of Twitter’s stock on Apr. 4, making him the company’s largest shareholder.
The following day, Twitter benevolently invited Time’s 2021 Person of the Year to join their board of directors, something he first accepted, then quickly declined. The position would have capped the richest man on the planet at 14.9% of the company share, deterring a takeover of the company.
On Apr. 14, despite original dissuading, The Boring Company founder offered a $54.20 per share deal, finding a niche in the 280 character armor of the avian corporation and privatizing the organization.
Twitter, an app that the PayPal co-founder has perused since 2010, performing actions such as fluctuating cryptocurrencies and arguing with child rescuers, has often disappointed the Tesla mogul with its format, an opinion he expresses quite openly to his audience of over 80 million Twitter followers.
The Neuralink co-founder intends to reign in Twitter’s moderation attempts, such as the banning of former president Donald Trump’s account, and allow the website to exist as a completely free and open forum without paternal intervention.
He also intends to move the famously mysterious algorithm towards an open-source model, where users can make sense of the arrangement of tweets.
While the deal has yet to come into effect but will do so in 2022, the aerial application finds itself with a new future, while the father of eight finds more to take into his arms.