Social media platform Twitter was acquired by billionaire Elon Musk. The acquisition comes after Musk’s announcement that he was to buy the company on April 14th for $44 billion and Twitter’s board of directors agreed to the deal on April 25th. Twitter has been Musk’s platform of choice for some time now, and he has promised various changes to the platform. For one, he is taking the company private, meaning that the stocks, or small parts of the company will no longer be sold on the stock market. This means that Musk will the be the sole owner of the company. Musk agreed to buy each individual Twitter stock for $54.20 a share, and there are roughly 752 million to 800 million shares. Musk has also stated that he wants to ease up on account bans, censorship, and overall make the platform less moderated and controlled. Musk has also said that he plans to open source the Twitter algorithms, meaning that anyone will be able to look at the code that makes up Twitter.
The entire episode began on April 4th when Musk announced that he had bought 9% of Twitter. Twitter offered him a seat on their board of Directors. Directors are not allowed to own more than 15% of the company, and Musk wouldn’t get much say on their policies and practices. This led Musk to offer 44 billion dollars, and the company accepting the offer. Musk’s acquisition has stirred mixed feelings. On one side, many people are happy and welcoming of more freedom to speak their minds, without having to worry. On the other hand, people are concerned that hate speech or negative discourses could be allowed on the platform. Regardless, this purchase holds a lot for the future, and will have large implications on how we communicate.