Capitol.Īfter Twitter banned Trump over concerns around incitement of violence following the U.S. No regulatory hurdles are expected, analysts said.ĭaniel Ives, an analyst at Wedbush, said the company's board of directors had its back "against the wall" once Musk detailed his financing package and no other bidders emerged.Īlthough it is only about a 10th of the size of far larger social media platforms like Meta Platforms Inc's (FB.O) Facebook, Twitter has been credited with helping spawn the Arab Spring uprising and accused of playing a role in the Jan. The Twitter transaction was approved by the company's board and is now subject to a shareholder vote. TERMINAL DOWNLOAD TWITTER VIDEOS FREEStill, Musk's 84 million-strong Twitter account is seen as an important, free public relations and marketing tool for Tesla. read moreĮdward Moya, an analyst at currency broker OANDA, said in an email to clients the deal was "great news for Twitter shareholders as it doesn’t seem like the company was going to get things right anytime soon."īut he also said: "Tesla shareholders can’t be happy that Musk will have to divert even more attention away from winning the EV (electric vehicle) race." "Once the deal closes, we don't know which direction the platform will go," Agrawal told employees on Monday. Musk is chief executive of both electric car maker Tesla Inc (TSLA.O) and aerospace company SpaceX, and it is not clear how much time he will devote to Twitter or what he will do. I don't care about the economics at all," he said in a recent public talk. "Having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization. Musk, who is worth $268 billion according to Forbes, has said he is not primarily concerned with the economics of Twitter. Twitter said Musk secured $25.5 billion of debt and margin loan financing and is providing a $21 billion equity commitment. The deal represents a near 40% premium to the closing price the day before Musk disclosed he had bought a more than 9% stake. Twitter shares rose 5.7% on Monday to finish at $51.70. Taking it back from Wall Street is the correct first step," he said. It has been owned by Wall Street and the ad model. "Twitter as a company has always been my sole issue and my biggest regret. TERMINAL DOWNLOAD TWITTER VIDEOS SERIES"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," Musk said in a statement.įormer Twitter CEO Jack Dorsey weighed in on the deal late on Monday with a series of tweets that thanked both Musk and current Twitter CEO Parag Agrawal for "getting the company out of an impossible situation." Under pressure, Twitter started negotiating with Musk to buy the company at his proposed $54.20 per share price. Musk has also advocated user-friendly tweaks to the service, such as an edit button and defeating "spam bots" that send overwhelming amounts of unwanted tweets.ĭiscussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer. read more Conservatives cheered the prospect of fewer controls while some human rights activists voiced fears of a rise in hate speech. Political activists expect that a Musk regime will mean less moderation and reinstatement of banned individuals including former President Donald Trump.
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