Billionaire Elon Musk bought the popular social media platform, Twitter recently for a whopping 44 billions US dollars. It now stands as one of the largest deals in the technology world.
This news does not come as a surprise to users who are active on Twitter as Musk recently posted there about his upcoming plans of the purchase. Earlier this month, Musk acquired more than 9 percent share in the company which practically made him the single individual biggest shareholder. He also tweeted polls to gain opinions from users about the editing option on the app. Apparently, it has been one of the long-standing requests of the users on the social media platform as the tweet saw almost 75 percent of people responding yes to the new feature.
Musk has consistently been active on social sites and finally he has been able to fulfil his wish of buying one of them. He posted about Twitter being a medium of free speech for people all over the world and how he wants to convert it into an even better place after the acquisition.
On the other hand, users and memesters have been busy in posting memes about the new owner, all in good humour! A few of them include a cartoon portrayal of him freeing a blue bird from a cage.
According to the press release, the 16-year old will become a private entity after the completion of the deal, which has been approved by the board of directors of Twitter. This acquisition comes as the third largest deal in the history. As Musk is already the Chief Executive Officer of both SpaceX and Tesla, he is likely to take up another leadership role with full preparation.
• How will Musk run twitter:
As mentioned earlier, Musk wants the platform to be a place for free speech as he believes it to be a social imperative for a democracy to function. Since he started his investment, he realised that in its current state the app will neither serve this imperative nor thrive much. This is the sole reason for him to buy 100 percent of Twitter. He also wants new characteristics in the app where the algorithms will be open sources to increase trust among the users, authentication of people and also to defeat spam bots.
On the other hand, Doge, the memecoin, started to trade up more than 22 percent as of Tuesday as per CoinMarketCap minutes after the announcement of Musk’s takeover. Musk earlie suggested that Dogecoin can be a viable option of payment on Twitter. It would surely be interesting to sit back and see how the billionaire incorporates the Twitter ecosystem with Dogecoin.
The Twitter board conducted a much comprehensive and thoughtful process to regard Elon’s focus on financing, value and certainty. The CEO of Twitter, Parag Agrawal said in his statement that Twitter serves a purpose of relevance that is impactful on all over the world. He was deeply proud of his former company’s team and inspired by work that was never more important.