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The world’s wealthiest person, Elon Musk, has reached an agreement to buy Twitter for approximately $44 billion (€41 billion), the board of Twitter stated.
Musk, who made the surprise proposal less than two weeks ago, said that Twitter had “tremendous potential” that he would unleash.
A few days ago, Tesla’s CEO said that he wants to acquire Twitter because he believes it’s not living up to its potential as a “free expression” platform.
Mr Musk says Twitter needs to be transformed into a private firm to build trust with users and do better at serving the “societal imperative” of free speech.
The board of Twitter said it will become an entirely privately held company after closing the sale.
In a tweet, Twitter CEO Parag Agrawal said, 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.
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. https://t.co/5iNTtJoEHf
— Parag Agrawal (@paraga) April 25, 2022
Musk refers to himself as a “free-speech absolutist,” though he hasn’t specified what he means by that.
During an interview with TED, the world’s richest person said he would like to see Twitter err on the side of allowing speech rather than moderating it.
The company first turned down Mr Musk’s offer, but it will now put the proposal to a vote among shareholders.
What is Twitter?
Twitter is an online platform, aka microblogging site, where people communicate in short messages called tweets. This platform is being used by numerous famed leaders, celebrities, and governments worldwide.
What change will the agreement bring for users of Twitter?
He added he’d be “extremely hesitant” to remove tweets and would be cautious of permanent bans in general. He also admitted that Twitter will have to follow national laws governing free speech in markets all across the world.
Musk, on the other hand, often blocks individuals who criticise him or his firm on social media and has used the site to bully reporters who have written unfavourable articles about him or his company.
He has recommended a variety of reforms to the firm in recent weeks, ranging from loosening content restrictions – such as the ones that suspended former President Donald Trump’s account – to purging the platform of fake and automated accounts and moving away from its ad-based income model.