- Tesla CEO Elon Musk acquires Twitter for $44 billion (3365 Cr.).
- Musk plans to augment the platform unlocking its true potential with added features including an ‘edit button’.
- Twitter CEO Parag Agrawal informs employees that the deal would inevitably bring about significant change and that the company was entering an uncertain phase.
Musk had earlier proposed a Twitter acquisition for $43 billion and in an SEC filing called it his ‘best and final offer’. Free speech, says Musk is the backbone of a well-functioning democracy and it is Twitter where matters crucial to the future of humanity are debated. Highlighting Twitter’s massive potentiality, Musk went on to say that he wants to enhance the social network by introducing new features, fostering trust by making the algorithms open-source, crushing spambots and authenticating all humans.
Twitter had initially thrown a roadblock in front of Musk’s hostile takeover by adopting the “poison pill” strategy. This was a limited-duration shareholder rights plan which would have made it much more expensive and complicated for the Tesla CEO to take command of the social media network. However, Twitter went into negotiations with him after he assured us that he had secured funding. Musk had a private meeting with numerous shareholders of the company to eulogize the virtue of his proposal and push for his case.
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6— Elon Musk (@elonmusk) April 25, 2022
Musk has already proposed plans to privatise Twitter. Musk spoke about adding an ‘Edit Button’ on the platform and conducted a poll where he intentionally misspelt ‘yes’ and ‘no’. He presumable did this to emphasise the need for an edit button in light of the typos people make while tweeting.
Twitter Inc. CEO Parag Agrawal held an all-hands video meeting on Monday to explicate the Twitter board’s decision to sell the company to the American billionaire, who was markedly absent from the call. Parag along with Chairman, Bret Taylor communicated to the employees that the company would continue to operate as usual with Agrawal at the helm till the deal closes later this year.
Many Twitter employees have been sceptical about the Musk deal and have voiced concerns regarding his brash combative style which might not be in the best interest of the company and could alienate some workers too. Reportedly only an estimated 10% of Twitter workers would be elated about Musk acquiring the company.
Parag reiterated that this might be an ambiguous phase for the company given the deal would bring about significant change. A steadfast proponent of the freedom of speech, Musk intends to make Twitter a haven for the freedom of expression. He has ridiculed content-moderation decisions made by the company in the past which has led to speculation that his rule could proliferate offensive and more dangerous content on the platform.
While the direction in which the network will go remains dubious, Parag reassured employees that their stock grants which constitute a large portion of the compensation will continue to vest meanwhile. Throwing light on the board’s fiduciary duty, Taylor said that it would cease to exist after the deal is finalised.