San Francisco, 28 October 2022 (TDI): Elon Musk has officially taken over Twitter after completing a $44 billion deal to buy the social networking site.
Elon Musk is the Chief Executive Officer (CEO) of Tesla and SpaceX. This is the biggest deal to turn a company private. It has removed the social networking site from the stock market.
In April 2022, Musk made an unsolicited bid worth $44 billion for the social platform. He closed the deal after six months saga that saw Twitter first resisting Musk’s offer to buy the social site.
Later, the billionaire was sued by Twitter for not completing the deal over concerns about spam accounts and negligent cybersecurity practices.
But on Thursday, the Twitter deal was finalized and Musk took over the social media site. Before closing the deal, Elon Musk visited Twitter’s headquarters in San Francisco, California, and tweeted “let that sink in”.
He changed his profile description to “Chief Twit.” Musk had been objecting to Twitter’s moderation policies and censorship that goes beyond the requirement of law.
He denied any allegation of turning the social site into a “free-for-all hellscape”. In an open letter to advertisers, he said, “Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences!”.
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Furthermore, he said, “The reason I acquired Twitter is that it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence”.
Twitter is a social media networking site founded in 2006 by the American company Twitter, Inc. It was created by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams.
It is a microblogging and social networking service where users interact with messages known as “Tweets”. The site has 396.5 million users globally as of October 2022.
