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Sunday, September 24, 2023

Did Elon Musk buy Twitter for 44Billion Dollar?

If you are looking for to know that did elon musk buy twitter, then you should read this article.

Elon Musk has completed his 44-billion-dollar deal to Own Twitter. Musk fired Parag Agrawal, who succeeded Jack Dorsey as Twitter CEO, and chief financial officer Ned Segal, both of whom were in the building at the time and escorted out by security, according to Reuters. Vijaya Gadde, the company’s policy chief whom Musk had publicly criticized, was also ousted. Sean Edgett, the general counsel, is gone, too, The New York Times reports. (Bloomberg says security escorted him out, as well.) Chief customer officer Sarah Personette was also fired, Insider reports. Many people were interested that did Elon Musk buy Twitter or not!

On Thursday night, Elon Musk closed his $44 billion deal to buy the social media service, said three people with knowledge of the situation. He also began cleaning house, with at least four top Twitter executives — including the chief executive and chief financial officer — getting fired on Thursday. Mr. Musk had arrived at Twitter’s San Francisco headquarters on Wednesday and met with engineers and ad executives. We hope you found the answer of did elon musk buy twitter or not. Read this article to know more.

For your kind consideration we have embedded Elon Musks Tweet-

Mr. Musk’s open approach to speech on Twitter could exacerbate long simmering issues of toxic content and misinformation, affecting political debates around the world. Early tests will come within days, when Brazil elects its president and American voters go to the polls on Nov. 8 for the midterm elections. Twitter said it would prohibit misleading claims about voting and the outcome of elections, but that was before Mr. Musk owned it.

“There could be real-world consequences to his leadership,” David Kaye, a law professor at the University of California, Irvine, who worked with the United Nations on issues of free speech, said of Mr. Musk’s ownership of Twitter. “To the extent that world leaders see they have this space and it’s unmoderated, they could push to see how far they can go.”

Also read: BMW is planning to invest 1.7Billion Dollar in U.S to produce electric vehicles

Why did Elon Musk buy Twitter?

When Musk first launched a hostile takeover attempt to buy Twitter, he said he wanted the company to do a better job of promoting free speech.

“Twitter has become kind of the de facto town square, so it’s just really important that people have the, both the reality and the perception that they are able to speak freely within the bounds of the law,” he said during a TED interview in April.

On Thursday, he tweeted a letter to advertisers, telling them he wants the site to be a place “where a wide range of beliefs can be debated in a healthy manner, without resorting to violence.”

Musk, who has 110 million Twitter followers, regularly uses the site to announce updates for his companies, share memes and broadcast his views on various political and cultural topics.

What is Elon Musk going to do with Twitter now?

did elon musk buy twitter
Musk has 110 M followers in Twitter

Musk has called the permanent ban on former president Donald Trump “foolish in the extreme,” and said he would roll it back. Trump was banned after the Jan. 6, 2021, insurrection at the U.S. Capitol. Musk has suggested that permanent bans can polarize speech.

His public views on increasing “free speech” haveled many to think that Musk could loosen content moderation at Twitter,which currently has guidelines on removing violence, hate speech and other offensive content from the site. Employees and social media experts have expressed concern that Musk could undo Twitter’s safeguards.

Insiders and observers say the changes could tilt Twitter in arightward direction. Musk has said he wants to “hew close to” the laws where Twitter operates.

“If the citizens want something banned, then pass a law to do so, otherwise it should be allowed,” he tweeted in May.

In his letter to advertisers, Musk also said Twitter “obviously cannot become a free-for-all hellscape, where anything can be said with no consequences!”

Musk has also floated the idea of subscription services at Twitter, including making commercial and government accounts pay for features.

How will Twitter’s workforce change?

Musk quickly fired several top executives, including CEO Parag Agrawal, chief financial officer Ned Segal, and Vijaya Gadde, head of legal policy, trust, and safety, according to people familiar with the matter.

Musk previously told prospective partners that he would cut nearly 75 percent of Twitter’s 7,500-person workforce. Layoffs at that scale could have immediate impacts on the site’s users and features. But during a visit to Twitter’s San Francisco headquarters this week, Musk told employees he didn’t plan to lay off three-quarters of the staff.

Musk had already alienated some Twitter employees by disparaging the site’s work. Reports about his plans for deep cuts were met with anger and resignation inside the company.

What’s going to happen to Twitter’s stock?

Musk intends to take Twitter private, meaning Twitter’s stock will likely stop trading on the New York Stock Exchange almost immediately after the proper documents are filed, according to corporate lawyers.

Shareholders will receive $54.20 per share of stock when all the paperwork is filed.

Musk’s team must file with regulators to deregister the stock, but the process is often fairly quick and seamless once the merger goes through, corporate lawyers say.

How much will the Twitter acquisition cost?

Musk is paying $54.20 per share for Twitter, or about $44 billion. It’s the same price he offered when he first tried to buy Twitter in April.

Musk funded his bid by selling his Tesla stock, obtaining loans from banks and securing funding from investment firms and other partners.

Source: Washingtonpost,News York Times, The Verge

Nahiyan Tazwarhttps://www.dailybbcnews.com
Nahiyan Tazwar is a versatile online content creator, skilled in blog writing, graphics design, and news authoring. With a natural talent for storytelling and a creative eye for visuals, he engages his readers with captivating narratives accompanied by visually appealing graphics. Nahiyan's dedication to delivering accurate information and his ability to create compelling content make him a sought-after figure in the digital realm.

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