It comes as no surprise that Tesla and SpaceX’s founder Elon Musk has added another company to his slew of acquisitions. The latest one to join the list is Twitter. An active Twitterati, Elon Musk, has been trying to acquire Twitter for quite some time now. While the news of him acquiring Twitter was in the air since the start of April, he finally acquired it on April 25 for $44 billion.
He now has the personal control of the most influential social media platforms. The publicly traded firm since 2013 will now be a private company owned by Musk. As per reports, he negotiated the purchase price of $54.20 per share.
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Elon Musk has an enormous audience of 84.8M followers. His tweets have often fed the members with a lot of content. Twitter’s primary business model is ad-based- and it is stated that Elon plans to modify that. As claimed by Musk, he’s more interested in subscriptions which could prove a hard sell in an environment where all the social networks are free-to-use.
It’s on Twitter users to decide if they prefer for their data to not be used to monetize them and if they’re willing to pay.
Timeline of acquisition of Twitter by Musk
It started back in January 2022, when Musk set out to buy a few shares of the platform. By March 14, Musk accumulated over a 5 percent stake in the company as per the news agency AP.
He constantly criticized Twitter for not giving the right to ‘free speech’ to its users. He questioned the need for a new platform as well. Twitter’s CEO Parag Agarwal announced him as a Board member of Twitter on 5th April which Musk later declined. He didn’t want to become a board member and take responsibility as a member.
On the 14th of April, Musk offered to buy the platform for $43 million dollars, after which Twitter adopted a ‘poison pill’ in a way to abstain Musk from taking over. However, 11 days later Musk bought the company at a price of a million dollars more than what he offered earlier.
Twitter’s CEO Parag Agarwal will continue in the same role. He would get an estimated $42 million if he were terminated within 12 months of a change in control at the social media company, according to research firm Equilar.
Tesla owner, according to him, is all set to make Twitter a platform that offers free speech to its user, is bot free, and has a great algorithm for all.