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One of the biggest acquisitions in the history of technology will have a global impact on the way billions of people use social media in the coming years.
Twitter, it's time to change hands!
On April 25, social media platform Twitter accepted an acquisition deal from Elon Musk.
Under the deal, Musk will buy Twitter for $54.20 per share, totaling about $44 billion. The deal is expected to close in 2022, and upon completion of the deal, Twitter will become a privately held company.
Musk tweeted on the same day that he hoped the company would continue to provide a platform for people to express different opinions. In addition, Musk also said that he hopes to make Twitter's algorithm public to clarify the specific logic of content recommendation and blocking.
Musk said, "Twitter is a digital speech plaza where matters of great importance to the future of humanity can be discussed."
Parag Agrawal, Ceo of Twitter, said: "Twitter has the purpose and meaning to impact the whole world. We are proud of our team and inspired to work here – never before have we felt so important. ”
How did Musk take down Twitter?
In early April, Twitter announced that Musk would become a member of Twitter's board. In response, Musk responded on Twitter that he looks forward to working with Twitter CEO Parag Agravar and Twitter's board of directors to make significant improvements to Twitter in the coming months.
However, only 5 days later, Agravar announced on his Twitter that Musk decided not to join the Twitter board again.
Musk then launched an acquisition with Twitter, offering to buy 100 percent of its shares and take it private.
On April 14, in a filing with the U.S. Securities and Exchange Commission, Musk made an offer of $54.20 per share.
According to Musk's proposal, which plans to take Twitter private after acquiring it, he believes Twitter needs to "transform." As soon as the news came out, Twitter shares rose 13% at one point and fell at the close. Tesla's closing share price plunged 3.66%.
It was expected that Twitter would reject Musk's acquisition proposal on April 14, and Twitter had launched a "poison pill" program to prevent him from increasing his stake.
Who would have thought that 11 days after Musk announced his $44 billion acquisition of the social media company, things would take a dramatic turn.
On April 25, Twitter announced that the company's board of directors had accepted Musk's proposed acquisition, as well as accepted a proposal to take Twitter private.
Bret Taylor, chairman of Twitter's independent board, said in a statement that Twitter's board of directors had considered and comprehensively considered Musk's proposal, particularly in terms of merger value, certainty and financing. "The proposed deal will result in a substantial cash premium, which we believe is the best path for Twitter shareholders." He said.
Some people familiar with the matter said Musk said from the outset that the $54.2 per share offer was his "best and final bid." The purchase price was 38 percent higher than Twitter's closing price on April 1.
The people said Musk introduced himself to some Twitter shareholders in a series of video conferences. He said that given Twitter's business problems, he didn't think Twitter management could have pushed the stock to his $54.20 per share quote on its own.
After the meeting, some shareholders expressed support for Musk, and the door to acquisition was opened.
There is no doubt that Musk's $44 billion acquisition of Twitter, already one of the largest in the history of technology, will have a global impact on the way billions of people use social media in the coming years.
Musk buys Twitter, what will happen to the world?
Twitter is a social media widely used across the globe, and not only ordinary netizens, but also multinational dignitaries and business tycoons often post their official messages through Twitter. The New York Times even described Twitter as "a tool that plays an important role in the world."
As CEO of electric car giant Tesla and SpaceX, Musk has more than 83 million followers on Twitter.
According to Reuters, Musk previously said in his speech that "Twitter needs to be privatized to develop." Admittedly, the "privatization" that Musk is referring to is actually "Musk's privatization." The New York Times also mentioned that Musk's preference is to run Twitter the way he uses Twitter: there are no restrictions.
The Wall Street Journal said Musk wants to make substantive changes to Twitter. The report lists some of Musk's views on improving Twitter's means of operations, for example, Twitter should be more cautious when deciding whether to take down tweets or permanently ban users, and temporary filtering may be a better option.
Musk also suggested adding a Tweet editing feature to fix errors in tweets that have already been tweeted. Earlier this month, he surveyed Twitter users about whether he wanted to add a tweet editing feature, with more than 4 million users voting, with more than 70 percent of respondents saying they wanted to add the feature.
In addition, Musk also suggested making Twitter's algorithm open source, which means that others outside of Twitter will be able to view the source code and can suggest fixes and changes.
In addition to his "vision" of Twitter's operations, on April 18, Musk set his sights on all members of Twitter's board of directors, on which he shouted, "If my bid is successful, (Twitter's) board salary will be $0, which will save about $3 million a year."
TRUMP: Account recovery will not use Twitter
Regarding the whereabouts of the relevant accounts of former US President Trump, it has always been a hot issue of concern to the melon-eating masses.
As of now, Musk has not publicly stated whether he will reinstate former President Trump's Twitter account after the acquisition of Twitter.
Trump, however, said that even if the Twitter account is restored, it will not use the platform.
After the Capitol Hill riots on January 6, 2021, several social media platforms, including Twitter, Facebook, and Instagram, permanently banned Trump's account. The Twitter company considered some of Trump's tweets related to violent protests inflammatory and warned that the tweets "run the risk of further incitement to violence."
"The bottom line is, no, I'm not going back to Twitter." On April 25, Trump was interviewed by Fox News and said he would not return to Twitter, but would use his own social media as his only platform to speak out. The former president told Fox News on the same day that he will officially join the platform, which went live last month, as planned in the next 7 days.
Trump said his platform was attracting millions of people, much better than the response to Twitter. He blamed Twitter for having bots and fake accounts.
Still, Mr. Trump took a sharp turn, telling Fox News that he wanted Musk to buy Twitter because he would improve it and he was a good guy.
Regarding the relationship between Trump and Musk, a source told Fox News that Trump and Musk have a very good relationship.
The source said Trump defended Musk in 2018 when the Tesla CEO was accused of securities fraud for publishing misleading tweets about potential deals to take Tesla private.
At the crucial moment, Trump survived Musk. Considering Trump's fickle nature, will Musk, who was issued a good guy card by Trump, send a special pass to Trump again?
Published from "Xinmin Weekly xmzhoukan", author: Yiyi, reference source: CCTV News, Global Network, China News Service
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