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By Akinwande Soji-Ojo
The Chief Executive Officer of Tesla, Elon Musk, has agreed a deal to buy Twitter for about $44 billion.
The deal was confirmed on Monday after Twitter agreed to be taken over at $54.20 a share.
Speaking on the motivation behind the deal, Musk revealed that he intends to transform the platform by taking it private.
In a statement announcing the deal, he said: “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.
“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spambots, and authenticating humans.
“Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”
In a statement confirming the transaction, Twitter’s Independent Board Chairman, Bret Taylor, said: “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Twitter’s Chief Executive Officer, Parag Agrawal, added, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”
On April 4, Musk announced that he had purchased 9.1 per cent stake in Twitter, making him one of the largest shareholders of the company. On April 14, he announced an offer to buy Twitter at $54.20 a share.
The polarising Tesla CEO’s campaign to buy the social media giant sparked concern that his unpredictable statements and alleged bullying are contradictory to his stated aims for the platform.
Trump rules out Twitter return
Meanwhile, former United States President, Donald Trump, has vowed not to return to Twitter if his account was reinstated following the purchase of the platform by Musk.
The Republican leader said he would be using his own site, Truth Social, although he appears only to have posted once since its launch in February.
“I am not going on Twitter, I am going to stay on TRUTH,” Trump said, FoxNews.com reports, adding that Musk was a “good man” who would improve the service.
“We’re taking in millions of people, and what we’re finding is that the response on TRUTH is much better than being on Twitter. Twitter has bots and fake accounts, and we are doing everything we can,” he told the network.
Trump was banned for life from Twitter, and impeached for a second time, following the January 2021 assault on the US Capitol by his supporters, with the company citing the “risk of further incitement of violence.”
(AFP)