Elon Musk’s $44 Billion Twitter Purchase Bid Approved by Board

Twitter “unanimously recommends that you vote [for] the adoption of the merger agreement,” said the board.

  • Twitter’s board of directors agreed to Elon Musk’s $44 billion-dollar proposal to purchase the media platform after months of hesitation.
  • Musk’s $44 billion offer is significantly greater than Twitter’s worth, shareholders profiting $54.20 per share at an original value of $15.22 per share.
  • Despite the hefty difference in value, Musk desired to proceed with the purchase, believing Twitter needed to be “transformed as a private company.”
  • The Twitter board recently told the US Securities and Exchange Commission that it “unanimously recommends that you vote [for] the adoption of the merger agreement.”
  • Musk’s goal in acquiring the media giant is to uncover its “extraordinary potential” as a platform, highlighting its ability to be a center of free speech.
  • Elon Musk voiced his concerns to the media giant regarding the number of bots hosted on Twitter, desiring a clear differentiation of genuine users versus fake or spam accounts.
  • Bots are programmable agents present on social media platforms created to manipulate opinions through social media “likes” and mirror human behavior, giving the appearance of a real user.
  • Numerous Twitter employees have also stated their desire to leave the company if Musk’s offer goes through due to fear of hate speech that might be allowed on the platform.
  • Elon Musk was first reported in an offer to Twitter in April 2022, when he wrote a letter to Twitter Chairman Bret Taylor stating his belief that “free speech is a societal imperative.”
  • Musk has also spoken out against Twitter’s leftism, calling for the platform to be neutral regarding politics, including its banning of political figures, namely Republicans.
  • The Twitter board’s filing to the SEC can be found here.