Global Economic Intersection
Advertisement
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
Global Economic Intersection
No Result
View All Result
Home Business

Musk Acquired Twitter For $44B Amid Cheers And Fears Of ‘Free Speech’ Plan

John Wanguba by John Wanguba
April 28, 2022
in Business
0
0
SHARES
74
VIEWS
Share on FacebookShare on Twitter

In a transaction that will transfer Control of Twitter populated by millions of users and global leaders to the world’s richest person, Elon Musk clinched a deal to obtain the social media platform for $44 billion in cash on April 25.

Elon Musk Acquires $46.5B To Fund Potential Hostile Twitter Bid

It is an important moment for the 16-year-old company, which came up as one of the world’s most influential public squares and now experiences a string of challenges.

Calling himself a free speech absolutist, Musk has criticized Twitter’s moderation. He objects to giving too much power on the service to corporations that advertise and wants Twitter’s algorithm for prioritizing tweets to be public.

Political activists expect that a Musk regime will mean the reinstatement of banned individuals including former US President Donald Trump and less moderation. While some human rights activists expressed fears of an increase in hate speech, conservatives cheered the prospect of fewer controls.

User-friendly tweaks to the service, such as defeating “spambots” that send unbearable amounts of unwanted tweets and an edit button, have also been recommended by Musk.

After Musk wooed Twitter shareholders with financing details of his offer, discussions over the deal, which last week appeared uncertain, accelerated over the weekend. Twitter, under pressure, began negotiating with Musk to acquire the company at his proposed $54.20 per share price.

In a statement, Musk said:

“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.”

Former Twitter CEO Jack Dorsey Endorsed The Deal

Late on Monday, former Twitter CEO Jack Dorsey commented on the deal with a series of tweets that thanked both current Twitter CEO Parag Agrawal and Musk for “getting the company out of an impossible situation.”

He stated:

“Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step.”

On Monday, shares of Twitter rose 5.7% to finish at $51.70. The closing price the day before Musk revealed he had obtained more than 9% stake gets a near 40% premium from the deal. The offer is, nevertheless, well below the $70 range where Twitter was trading in 2021.

Managing director at Boyar Value Group, which holds a stake in Twitter, Jonathan Boyar said:

“I think if the company was given enough time to transform, we would have made substantially more than what Musk is currently offering. However, If the public markets do not properly value a company, an acquirer eventually will.”

A tradition of billionaires’ buying control of influential media platforms, including Jeff Bezos’ 2013 acquisition of the Washington Post, is maintained by Musk’s move.

Twitter said Musk got $25.5 billion of debt and margin loan financing and is offering a $21 billion equity commitment.

Musk, who according to Forbes is worth over $268 billion, has said he is not mainly interested in Twitter’s economics. He commented:

“Having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization. I don’t care about the economics at all.”

Where Does Elon Musk Want To Take The Platform?

Musk is chief executive of both aerospace company SpaceX and electric car maker Tesla Inc (TSLA.O) and it is unclear what he will do or how much time he will devote to Twitter.

On Monday, Agrawal told employees:

“Once the deal closes, we don’t know which direction the platform will go.”

In an email to clients, Edward Moya, an analyst at currency broker OANDA, said the deal was

“Great news for Twitter shareholders as it doesn’t seem like the company was going to get things right anytime soon.”

Buy Crypto Now

But 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.”

Yet, Musk’s 84 million-strong Twitter account is perceived as an important, marketing, and free public relations tool for Tesla. The company’s board approved the Twitter transaction and is now subject to a shareholder vote. In that context, analysts said no regulatory hurdles are expected.

Once Musk detailed his financing package and no other bidders emerged, the company’s board of directors had its back “against the wall”, said Daniel Ives, an analyst at Wedbush.

Twitter Shareholders Push For ‘Takeover Talks With Elon Musk’

Twitter has been accused of playing a role in the January 6, 2021, storming of the U.S. Capitol and credited with helping spawn the Arab Spring uprising, even though it is only around a 10th of the size of far larger social media platforms like Meta Platforms Inc’s (FB.O) Facebook.

Musk tweeted:

“A lot of people are going to be super unhappy with West Coast high tech as the de facto arbiter of free speech, after Trump was banned by Twitter over concerns around incitement of violence following the U.S. Capitol attack by his supporters.”

In a Fox News interview on April 25, Trump, whose company is building a rival to Twitter called Truth Social, said he would not return to Twitter.

Although the White House refused on Monday to comment on Musk’s deal, it said President Joe Biden has long been unsettled about the power of social media platforms.

White House spokesperson Jen Psaki said:

“Our concerns are not new. The platforms need to be held accountable. The president has long talked about his concerns about the power of social media platforms, including Twitter and others, to spread misinformation.”

Tags: businessbusiness regulationDonald TrumpElon MuskinvestmentJoe BidenPoison Pillregulationsocial mediatakeoverTeslaTwitterU.S. Securities and Exchange Commission (SEC)US
Previous Post

Dogecoin Gains $2B In 1 Hour As Twitter Ready ‘To Reach Deal’ With Elon Musk

Next Post

Investors Worried Over Possible Elon Musk Retraction In $44B Twitter Deal  

Related Posts

World Bank Cautions Of 'Lost Decade' In Global Growth Without Drastic Policy Shifts
Business

World Bank Cautions Of ‘Lost Decade’ In Global Growth Without Drastic Policy Shifts

by John Wanguba
March 28, 2023
Virgin Orbit Extends Employee Furlough, Funding Talks Ongoing – CEO
Business

Virgin Orbit Extends Employee Furlough, Funding Talks Ongoing – CEO

by John Wanguba
March 28, 2023
Lebron James And Several Other Celebs ‘Effectively Wiped Out’ As Fitness App Tonal Loses 90% Value
Business

Lebron James And Several Other Celebs ‘Effectively Wiped Out’ As Fitness App Tonal Loses 90% Value

by John Wanguba
March 28, 2023
Petrobras Ready To Remain As The Last Oil Producer Standing
Business

Petrobras Ready To Remain As The Last Oil Producer Standing

by John Wanguba
March 28, 2023
What Is Andrew Tate’s Crypto Investment Portfolio?
Business

What Is Andrew Tate’s Crypto Investment Portfolio?

by John Wanguba
March 27, 2023
Next Post
Twitter Shares To Get Suspended On NYSE As Musk Nears Takeover

Investors Worried Over Possible Elon Musk Retraction In $44B Twitter Deal  

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin adoption Bitcoin market Bitcoin mining blockchain BTC business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe FTX inflation investment market analysis Metaverse mining NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • August 2010
  • August 2009

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized
Global Economic Intersection

After nearly 11 years of 24/7/365 operation, Global Economic Intersection co-founders Steven Hansen and John Lounsbury are retiring. The new owner, a global media company in London, is in the process of completing the set-up of Global Economic Intersection files in their system and publishing platform. The official website ownership transfer took place on 24 August.

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Recent Posts

  • Gold Versus Bitcoin, Which Is A Better Investment In 2023?
  • World Bank Cautions Of ‘Lost Decade’ In Global Growth Without Drastic Policy Shifts
  • How Is The Banking Crisis Affecting Ripple’s XRP Crypto?

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

No Result
View All Result
  • Home
  • Contact Us
  • Bitcoin Robot
    • Bitcoin Profit
    • Bitcoin Code
    • Quantum AI
    • eKrona Cryptocurrency
    • Bitcoin Up
    • Bitcoin Prime
    • Yuan Pay Group
    • Immediate Profit
    • BitIQ
    • Bitcoin Loophole
    • Crypto Boom
    • Bitcoin Era
    • Bitcoin Treasure
    • Bitcoin Lucro
    • Bitcoin System
    • Oil Profit
    • The News Spy
    • British Bitcoin Profit
    • Bitcoin Trader
  • Bitcoin Reddit

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

en English
ar Arabicbg Bulgarianda Danishnl Dutchen Englishfi Finnishfr Frenchde Germanel Greekit Italianja Japaneselv Latvianno Norwegianpl Polishpt Portuguesero Romanianes Spanishsv Swedish