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On the 25th local time, Twitter announced that it agreed to sell the company to billionaire Musk at a price of about $44 billion. The 16-year-old social networking platform, which has become a hub of public opinion and a hot spot in the controversy over online freedom of expression, will become a private company in the future, and Musk will gain more influence in the media industry.
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Twitter shareholders receive $54.2 per share, 38 percent higher than the closing price on the last trading day before Musk disclosed his holdings on April 1. After Twitter's announcement, the stock price moved higher, ending up 5.66% to $51.7.
With more than 83 million followers, Musk is one of the most posted Twitter users. He has accumulated about 9 percent of Twitter shares since January, and in March, Musk stepped up his criticism of Twitter, claiming that the company's algorithms were biased and that promotional messages were filled with automatic spam posts. He also said Twitter's user growth was exaggerated by the number of bot accounts. After declining an invitation to join the company's board, Musk proposed taking Twitter private on April 14, saying he could make the platform a bulwark of free speech without mentioning other hints of changes he would make after he took ownership.
Some of these changes are pragmatic, such as allowing users to edit tweets and crack down on bot accounts, and some are wild, such as turning Twitter's San Francisco headquarters into a homeless shelter.
Musk said on the 25th that he wanted Twitter to be "better than ever." He said, "Looking forward to working with companies and user groups to unlock Twitter's huge potential."
Before Musk, there were already a number of tech billionaires involved in journalism, such as Amazon founder Bezos buying the Washington Post, and Salesforce founder Benioff buying Time magazine.
According to CNN, Musk's purchase of Twitter may mean that the company's top executives will have a personnel change, and the CEO of Twitter, who only came to power last November, may not be able to stay long. When Twitter announced that he would take over the CEO position from co-founder Dorsey, Musk said in his proposal to buy Twitter that he "has no confidence in management."
In addition, after the news of Musk's purchase of Twitter was announced, the stock price of Tesla, of which he is the ceo, closed down 0.7%, which is different from the S&P 500 index and rose 0.6%.
Experts said that the weakness of Tesla's stock price may reflect investment "a little worried" about whether Musk can concentrate, but this reaction is unfounded, "Tesla has been engraved in Musk's blood", and it is no harm to pick up more projects. Twitter will be Musk's most recent focus on Tesla, space exploration company SpaceX, underground tunnel construction company Boring, and brain-computer interface technology company Neuralink.
As for the cryptocurrency Dogecoin, which Musk has repeatedly tweeted, it rose nearly 30% on the 25th. Musk tweeted in January that Dogecoin could be used to buy Tesla merchandise.
An executive of a hong Kong crypto investment company said bluntly: "The market expects that he (Musk) may incorporate Dogecoin into the payment system, so there is a rally." ”