HomeStock MarketElon Musk And His Twitter Takeover - What We Need To Know

Elon Musk And His Twitter Takeover – What We Need To Know

Billionaire Elon Musk has struck yet another deal and it has now caught the attention of the entire world. He has started his new reign by acquiring the microblogging site Twitter for a whopping $44 billion. We will be looking into the series of events that unfolded ahead of the news of his new venture going public.

Elon Musk and the chain of events

April 4

Elon Musk’s stake in Twitter became public on April 4, 2022. At that time, no one could possibly imagine that the billionaire would acquire the microblogging site within days.

April 5

Twitter’s CEO Parag Agrawal announced that Elon Musk will join the Twitter board. But wait! There is more to it which you will get to know eventually.

April 11

Just six days after the great announcement, Parag Agrawal made another shocking statement saying that Elon Musk has decided not to join the Twitter board.

April 14

Elon Musk announced on this day his offer to buy the microblogging site in a filing that he applied with the US Securities and Exchange Commission.

April 25

The board of Twitter finally agreed to the offer of Elon Musk who is literally the world’s richest man right now!

Elon Musk and his offer

The businessman has offered $54.20 per share in cash for acquiring Twitter. Later on, the microblogging site’s closing price was $45.85 per share. For the unversed, Elon Musk announced his takeover bid on April 13, 2022. Did you know that Musk also holds the record of being the eighth most followed person on Twitter?

What is the deal now?

The latest that we know is that Elon Musk is all set to buy Twitter in a $44 billion dollar deal. He already uses the microblogging site to communicate with 89 million followers daily. As revealed by the entrepreneur, he now holds 9% of Twitter’s share.

Elon Musk and his take on Twitter

According to Reuters, Elon Musk already has a new CEO lined up for the social networking site. So, what happens to Parag Agrawal, the current CEO of Twitter? Reportedly, he will stay in position until the sale is completed. For the unversed, he took over from Jack Dorsey in November 2021. Musk has further revealed his reign on the executive and board pay once the deal is sealed.

The businessman has further criticized Twitter’s ways of moderating comments and thinks of figuring out other ways to monetize tweets. According to Bloomberg, Musk has already suggested job cuts while pitching the deal for Twitter. He has reportedly focused on the idea of the microblogging site in need of influencers and celebrities to be more active on the same.

Did you know that Elon Musk has also sold $8.5 billion in Tesla shares in the past week?  If reports are to be believed, he has presumably done this to raise cash for the huge Twitter purchase. We will get to know in the coming times what Elon Musk has in store for the microblogging site with a million users from around the world.

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