Elon Musk buys Twitter for $44bn

The board of Twitter has agreed to a $44 Billion (£34.5bn) takeover offer from billionaire and the world’s richest man, Elon Musk.

Twitter and Musk negotiated into the early hours of yesterday over his bid to buy the social media platform, less than two weeks after the billionaire first revealed a massive stake he made at the time. Mr. Musk, who made the shock bid less than two weeks ago, said Twitter had “tremendous potential” that he would unlock. He also called for a series of changes from relaxing its content restrictions to eradicating fake accounts.

The firm initially rebuffed Mr. Musk’s bid, but later asked shareholders to vote to approve the deal.

Mr. Musk is the world’s richest person, according to Forbes magazine, with an estimated net worth of $273.6bn mostly due to his shareholding in electric vehicle maker Tesla which he runs. He also leads the aerospace firm SpaceX.

“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 all humans…Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it”

said Musk in a statement after the announcement.

THE ELON MUSK-OWNED TWITTER

With this purchase done, what will the future of Twitter be?

Will people leave Twitter?

Mr. Musk said that he hopes that even his strongest critics will remain on the platform “because that is what free speech means”.

However, some users have threatened to leave Twitter, while others have already quit and advised their followers to also abandon the social platform.

Will Trump return?

In the wake of the Capitol riot on 6th January, Donald Trump’s account was terminated permanently. While opting for his own social media platform, Truth, will Mr. Donald Trump return to Twitter once the ownership changes?

The future looks bright for Twitter but a lot of changes will how and we hope to see the adoption of blockchain technology and cryptocurrency by Twitter.

#crypto #bitcoin #ethereum #trading #anypad #blockchain

As written by Niranjan Duguta

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