Elon Musk to acquire Twitter for roughly $44 billion
The acquisition followed weeks of evangelizing on the necessity of “free speech,” as the Tesla CEO seized on Twitter’s role as the “de facto town square” and took umbrage with content moderation efforts he has seen as an escalation toward censorship. He said he sees Twitter as essential to the functioning of democracy and said the economics are not a concern.
Musk’s positions have put him relatively at odds with current leadership at the site, raising questions about how he will seek to steer his changes through and whether they will impact Twitter’s current executive makeup. Twitter board chair Bret Taylor said the decision came down to the economics of the deal. “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders,” he said in the release.
The company’s board of directors met with Musk on Sunday, and negotiations extended into the early hours of Monday, according to a person familiar with the negotiations, who spoke on the condition of anonymity because of the sensitivity of the discussions. The two sides were focused on determining whether Musk had the financing to complete the acquisitionand did not spend much time discussing Musks’s strategy for the future of the social network, the person said.
“It appears that Elon does have the Board backed into a corner,” Zino said Monday in comments emailed to The Washington Post.
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