Elon Musk has purchased Twitter for $44 billion and plans to take it private

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After the sale is completed, Twitter will become a privately held firm, according to the company.

image credits: thehollywoodreporter

Elon Musk, the world’s richest man, agreed to acquire Twitter for $44 billion on Monday, vowing a more liberal approach to police content on the social media network where he promotes his interests, criticises opponents, and comments on a wide variety of issues to over 83 million followers.

Tesla’s outspoken CEO has stated that he wants to acquire and privatise Twitter because he believes it is not living up to its potential as a free expression medium.

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Musk said in a joint statement with Twitter that he wants to make the service “better than ever” by adding new features, eliminating automated “spam” accounts, and making the service’s algorithms transparent to the public to improve confidence.

“Free speech is the backbone of a functional democracy, and Twitter is the digital town square where things crucial to humanity’s future are debated,” the 50-year-old Musk wrote in a post that included hearts, stars, and rocket emojis.

Why Did Alon Musk Buy Twitter?

Many users are concerned that Musk’s more hands-off approach to content filtering would make the site more of a sanctuary for disinformation, hate speech, and bullying, which it has fought hard to combat in recent years. According to Wall Street analysts, if he goes too far, he risks alienating advertising.

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The agreement was reached just two weeks after the billionaire revealed he had a 9% share in the company. Musk announced last week that he had secured $46.5 billion in funding to purchase Twitter, putting pressure on the board of directors to reach an agreement.

The deal was unanimously authorised by Twitter’s board of directors, and it is likely to close in 2022, pending regulatory approval and shareholder approval.

Twitter Inc.’s stock gained more than 5% to $51.70 per share on Monday. Musk made an offer to buy Twitter for $54.20 per share on April 14. While the stock has risen significantly since Musk’s offer, it remains much below its February 2021 high of $77 per share.

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Musk has called himself a “free-speech absolutist,” yet he is also renowned for barring or criticising other Twitter users who challenge or disagree with him.

In recent weeks, he has recommended loosening Twitter content restrictions, such as the ones that led to the suspension of former President Donald Trump’s account, as well as purging the site of bogus “spambot” accounts and moving away from advertising as the network’s major income model. Musk believes he can raise revenue by offering subscriptions that provide a better experience for paying users, potentially even an ad-free version of Twitter.

When asked if there are any boundaries to his concept of “free speech” during a recent TED talk, Musk stated Twitter would follow national laws that restrict speech around the world. He said that he’d be “extremely hesitant” to delete content or permanently ban individuals who break the company’s guidelines.

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