Twitter has accorded Elon Musk, the wealthiest man in the world, complete control over its social media platform that widely influences politics and society.
The announcement, which came after less than two weeks since Musk first proposed to purchase Twitter, says he will pay approximately $44 billion (or $54.20 per share) for the microblogging service company.
The board of directors and management are struggling with whether or not they think this offer appropriately compensates their value when considering all factors involved. Musk has promised to “unlock” Twitter’s ability by easing what he believes as unjust restrictions on free speech.
“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,” he stated in the announcement on Monday.
The business magnate has 83 million followers on Twitter and posts memes constantly, talking about his giants Tesla and SpaceX. He also likes to argue with critics.
Musk started to gain Twitter shares in January. He later announced on April 4 that he had acquired over 9% worth of stake, becoming the company’s largest shareholder. Afterward, he started urging modifications to the platforms, such as easing its rules on the posts users can upload, prohibiting bots that post spam, and disclosing its algorithm to the public.
If the agreement materializes as anticipated, Musk will have the power to transform the company and platform as he wants. However, given that Elon Musk has two companies – Tesla and SpaceX—to run, people wonder how much time he will spend on Twitter and who else might head up the social media site.
Twitter CEO Parag Agrawal told workers that the future of their company depends on Musk, according to a source inside Twitter.
Agrawal confirmed that he would stay in his position just until the deal closes. But it is not clear what will happen moving forward, but Twitter isn’t considering a recession for its employees.
Opinions expressed by NY Weekly contributors are their own.