Twitter is set to go private after the social media platform accepted a $44 billion takeover bid from Elon Musk.
The company confirmed the news in a statement released Monday, April 25.
“Twitter’s Board of Directors conducted a thoughtful and comprehensive process to evaluate Elon’s proposal with a deliberate focus on value, certainty and funding,” said Bret Taylor, Independent Chairman of the Board. admin of Twitter. “The proposed transaction will provide a substantial cash bonus, and we believe it is the best way forward for Twitter shareholders.”
Shareholders are expected to be paid $54.20 per share. The statement made it clear that this was a much higher bid than what the shares were targeting at the start of the month.
Musk commented on the takeover and highlighted his commitment to free speech on the platform. The SpaceX and Tesla CEO also shared some potential plans for the app’s future. These include removing bots; work to authenticate and verify who is behind each account; and improve the operation of the algorithm.
Of course, he also commented on important news about the platform he will soon own.
“I hope even my worst critics stay on Twitter because that’s what free speech means,” he tweeted.
Check out his tweet below:
The news comes after Musk revealed himself to be Twitter’s largest shareholder earlier this month. According to The New York Timesthe billionaire owned more than 9% of the company at the time.
Musk wasn’t the only one who took to Twitter to respond to the news.
The social media platform was inundated with reactions from other Twitter users all day. The answer ranges from good to bad, with some even proclaiming they are indifferent to buying Musk.
“You all know this doesn’t end well right,” one user tweeted.
“So everyone will be verified once Elon Musk successfully twitters,” another wrote. “I can’t wait for this moment.”
Other people joked about Musk’s decision to buy the app.
“Elon Musk spent $43 billion to stop being bullied on Twitter when he could’ve just been less annoying, that’s madness,” someone joked.
Some LGBTQ+ Twitter users seemed more nervous about the news. One user postulated that there would be an influx of hateful comments related to grooming other users afterwards.
Another user asked how Musk could possibly protect free speech: “I just don’t see how putting Twitter in the hands of a billionaire will improve anyone’s speech rights. ‘a billionaire distributes to the masses.’
Some pointed out that Musk-owned Twitter wouldn’t be all that different, as many other media companies are owned by wealthy capitalists.
“In other words,” someone wrote, “Twitter will continue to be bad for society.”
Check out these and other tweets reacting to the latest news on Twitter, below: