Since Elon Musk purchased 9% of Twitter in stock, and then declined joining the board of directors, I’ve been watching today’s outcome unfold. Elon offered to buy all stock at $54.20 per share, amounting to almost $44 billion dollars. That’s a chunk of change.
Over the weekend, the Twitter board began negotiating with Elon and today the deal was done. Elon has bought Twitter, taking the platform private. Regulators will have to approve the deal, but I don’t think that’ll take too long. The deal is good for current stockholders and the platform’s users.
Major changes won’t be made immediately, other than firing the board of directors. But, over time, I can see improvements coming. I also see a move by Elon to cut operating costs and implementing a paid service to improve the bottom line. The days of bleeding money are over.
Today, Elon posted a glimpse of what he wants to accomplish.
Now, do I think it’s a good move for Twitter? Yes, I do. Twitter has systemically banned people with more conservative viewpoints over the past few years and it’s gotten increasingly worse. The current Twitter CEO has publicly divulged his real thoughts about the First Amendment. This has set up users to be banned if they have an opinion that fails to align with leftist politicians.
I’m sure leftists are butt-hurt. Right before the mid-terms? Elon’s timing is perfect.
So, I’m happy Elon was successful in the takeover, and I look forward to seeing positive changes made to the platform. With Elon at the helm, considering his track record, Twitter will become gold.