Elon Musk just added Twitter to his portfolio of companies. After weeks of corporate struggle, the tech and space billionaire finally won after Twitter announced Monday in the U.S. that they have accepted Elon’s offer.
It can be recalled, that the richest man in the world first became the largest shareholder of Twitter stocks when he announced this early April having a 9.2% share. After being offered and declining the same, Elon announced his plans of buying Twitter.
Elon Musk offered to buy Twitter at $54.20 a share or about $44 Billion for sole ownership of the company. Elon Musk offered to buy Twitter at 38% more than the company’s share price. This only shows how much Elon would want to own one of the most influential social media platforms in the world.
Elon Musk already owns a plethora of successful companies that made him the richest man in the world. So why would Elon want to buy Twitter? Here are some reasons or steps he is taking after acquiring Twitter.
- Take it private – before the acquisition, Twitter is a publicly owned company after its IPO on November 7, 2013. Elon wants sole ownership of the company which means taking the company private.
- Defeating Spambots – over the years Twitter is a place where spambots are thriving. Elon plans to defeat these spambots by authenticating all humans.
- Enhancing Twitter with new products – remember the edit button poll that Elon held on Twitter? Of course, enhancing Twitter is more than just adding an edit button, as Elon announced we will be expecting new features for Twitter.
- Making the Algorithm open-source – Elon is an advocate of taking patents open source. On June 12, 2014, Elon announced that all Tesla patents will be open-source, this was completed in 2019. He plans to do the same with Twitter citing that this would increase trust.
If our twitter bid succeeds, we will defeat the spam bots or die trying!
— Elon Musk (@elonmusk) April 21, 2022
Elon further believes that Twitter is a platform where free speech can occur saying:
Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated