Billionaire Elon Musk is capturing a social media prize with his deal to buy Twitter, which has become a global stage for companies, activists, celebs and more.
Twitter has accepted a $44-billion bid from Elon Musk to acquire the company.NEW YORK - Billionaire Elon Musk is capturing a social media prize with his deal to buy Twitter, which has become a global stage for companies, activists, celebrities, politicians and more.
Twitter did not taste profit until the end of 2017, and the following year was its first to finish financially in the black.While often associated with the giant Silicon Valley social media platforms, to the extent that co-founder and then-chief Jack Dorsey has been grilled by US legislators, it is vastly eclipsed by its peers when it comes to profit and share value.
An added challenge is how to make sure ads, sometimes in the form of tweets promoted to the tops of feeds, do not wind up next to vitriol, misinformation or other troubling content that brands do not want to be associated with. Investors had essentially steered clear of Twitter stock, which prior to Musk's uninvited takeover bid launched three weeks ago was worth 12 percent less than it was priced when the company's shares first went public more than eight years ago.
As a private company, Twitter will be free to make changes that might irk shareholders or take longer than they like to pay off.
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