It’s official, eccentric billionaire Elon Musk is now the new owner of social media giant Twitter after having a his bid accepted.
Twitter said Monday it has agreed to sell itself to Elon Musk, who will take the company private in a deal valued at around $44 billion.
The deal caps off a whirlwind news cycle in which the Tesla and SpaceX CEO became one of Twitter’s largest shareholders, was offered and turned down a seat on its board and bid to buy the company — all in less than a month.
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
Reports that a deal was imminent first emerged after Musk revealed last week that he had lined up $46.5 billion in financing to acquire the social media company.
Twitter’s board met on Sunday to evaluate Musk’s offer of buying all the shares he does not currently own for $54.20 a piece, a source familiar with the deal confirmed to CNN.
The billionaire can at times be inscrutable, and his politics are elusive, which has made it somewhat difficult to determine exactly what the billionaire would do if he successfully acquired Twitter.
But over the past weeks and months, he has given more hints about what he would change about Twitter — in interviews, regulatory filings and, of course, on his personal Twitter account.
“I hope that even my worst critics remain on Twitter, because that is what free speech means,” he wrote on Twitter.
I hope that even my worst critics remain on Twitter, because that is what free speech means
— Elon Musk (@elonmusk) April 25, 2022
Free speech and content moderators. Musk has frequently expressed concern that Twitter’s content moderators go too far and intervene too much on the platform, which he sees as the internet’s “de facto town square.”
In the regulatory filing in which he announced his bid to buy Twitter, he wrote: “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.”
He added that he didn’t trust the company’s current leadership to make the changes he saw as necessary and prioritize his ideas about free speech on the platform. “Since making my investment, I now realize the company will neither thrive nor serve this societal imperative in its current form,” he wrote. “Twitter needs to be transformed as a private company.”
The Trump question. Musk has not commented publicly on how he would handle the former President Donald Trump’s banned Twitter account. But his free speech comments have stoked speculation that Twitter under his ownership might reinstate Trump, who was barred from the platform last year. After the Jan. 6 riot at the Capitol, Twitter said Trump had violated its policies by inciting violence among his supporters. Facebook also banned Trump for the same reason.
The former president, who was known for tweets that criticized opponents and sometimes announced policy changes, is also trying to get his own social media site off the ground. His start-up, Truth Social, has struggled to attract users, and the problem could get worse now that Musk has suggested changing content moderation rules on Twitter. Trump said in a recent interview that he probably wouldn’t rejoin Twitter if he could.
The algorithm. At a TED conference this month, he elaborated on his plans to make the company’s algorithm an open-source model, which would allow users to see the code showing how certain posts came up in their timelines.
He said the open-source method would be better than “having tweets sort of be mysteriously promoted and demoted with no insight into what’s going on.”
Musk has also pointed to the politicization of the platform before, and recently tweeted that any social media platform’s policies “are good if the most extreme 10 percent on left and right are equally unhappy.”
A social media platform’s policies are good if the most extreme 10% on left and right are equally unhappy
— Elon Musk (@elonmusk) April 19, 2022
Who uses the platform and how. Before Mr. Musk offered to buy Twitter this month, he expressed concern about the relevance of the platform.
When an account posted a list of the 10 most followed Twitter accounts, including former President Barack Obama and the pop stars Justin Bieber and Katy Perry, Mr. Musk responded and wrote: “Most of these ‘top’ accounts tweet rarely and post very little content. Is Twitter dying?”