One crypto bro steps down; another comes to take his place. Just a few weeks after announcing his bid for Twitter, Elon Musk has entered a “definitive agreement” to purchase full ownership of the company. The deal is valued at around $44 billion, and upon its completion, Twitter will exit the stock market and become a private company.
Tesla CEO and meme enthusiast Elon Musk recently purchased a large share of Twitter, enough to join the board of directors. He quickly decided to take the whole company, citing his disappointment in how Twitter handles “free speech” and spam. He’s also expressed interest in making Twitter open-source, which would spawn clones of the website and make third-party extensions easier to develop.
Despite some clapback on social media and a poison pill anti-buyout strategy from Twitter’s leadership, Elon Musk’s plan worked. This deal is simply too lucrative for shareholders to ignore—at a price of $54.20 per share, Musk is purchasing the stock at a nearly 40% premium.
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
Any changes that Musk will make to Twitter are unknown. But the new CEO will likely focus on spam (his threads are full of replies from bot accounts) and whatever he perceives as free speech. We may also see a restructuring within the company; Musk is pretty hands-on with his businesses, and of course, he’s constantly using Twitter while constantly criticizing the platform.
It’s worth mentioning that former Twitter CEO Jack Dorsey has a lot in common with Elon Musk. They’re both flush with cash, they’re both complete weirdos, and they both love cryptocurrency. Dorsey actually stepped down from Twitter last year to focus on cryptocurrency at Square (now called Block), his banking and sales company.
I guess we’ll have to wait and see what the epic memelord does with his new toy. Personally, I hope he just shuts Twitter down for laughs. It would improve my mental health, and it would probably make the world a better place.