On Monday, April 25, Twitter released a press release where the firm accepted Tesla CEO Elon Musk's "best and final" offer to acquire the social media platform for $44 billion. As per the new agreement, the firm will be entirely owned by Musk and become a private company.
Meanwhile, Twitter stockholders will receive $54.20 per share in the acquisition. In a press release, the firm's Independent Board Chair Brett Taylor was quoted saying:
"The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders."
Elon Musk's offer to buy Twitter for $44 billion is at a 38% premium to the company's closing stock price on April 1, 2022. Twitter board members have unanimously agreed upon the deal, which is expected to be completed soon.
Elon Musk's plans regarding Twitter and expected changes
Promotion of free speech
The Tesla and SpaceX CEO generated a lot of hype after tweeting a poll to his 84 million followers on March 25. His tweet polled whether Twitter adhered to 'Free speech' as a principle.
Musk stated that the "consequence of this poll will be important." Meanwhile, almost 70 percent of over two million users expressed that Twitter did not uphold 'free speech.'
In the press release, Musk was quoted saying:
"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 spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it."
Meanwhile, on April 25, Musk tweeted about how he hopes his "worst critics" remain on the platform as that would promote free speech.
Finally, an edit button
Elon Musk has previously also teased about bringing the long-awaited edit button. On April 4, the 50-year-old asked his followers if they wanted an edit button. Over 73 percent of more than four million users sided with bringing this new feature to the platform in the poll.
Meanwhile, the firm revealed that they were working on an edit button two days later. However, in the same tweet, Twitter Comm. added that this plan has nothing to do with Musk's poll.
Fight against crypto spammers and NFTs
In late January this year, Elon Musk expressed that Twitter's promotion of NFTs (non-fungible tokens) is "annoying." The CEO was previously subjected to his impersonators scamming his followers with cryptocurrency funds in his name. Thus, it is very likely that Twitter will now work on a new system to detect these fraudulent activities regarding digital assets and currency and ban these spammers and scammers.
Following Elon Musk's acquisition of Twitter, it is possible that thousands of users who were banned from the platform would be allowed to return. It is likely that now, as the owner of the firm, Musk will amend the rules regarding bans for stating opinions on divisive topics like vaccine mandates.
Now that Elon Musk is on Twitter's board as the firm's complete owner, the strike policy of the social media platform may be revamped to be more inclusive of controversial tweets.