Elon Musk pulled off a move that only Don Corleone could pull off: his big-ticket offer to buy Twitter has apparently been approved… and the deal is expected to close soon.
According to Reuters, Musk’s $43 billion bid is anticipated to be approved by Twitter’s board of directors on Monday, with an official announcement due later that day. He didn’t compromise on his $54.20-per-share price, according to reports, and he’s currently reeling them in.
Of course, it’s possible that this deal will go through… but for the time being, all indicators point to EM becoming the new owner of the bird app, ushering in a new era.
As we previously reported, there were rumblings that this would happen over the weekend. On Sunday, Twitter and Musk had a meeting that reportedly lasted into the small hours of the morning. According to reports, the corporation was under intense shareholder pressure to sell.
Some stockholders wanted to see if Musk’s stock would rise in value, but it appears that they are willing to accept his initial wager, especially now that he has the money in hand. Last week, Elon raised the funds with the help of some outside investors.
Elon appears to have a laundry list of objectives in mind for the takeover. EM has apparently talked about longer tweets, pivoting away from adverts, and getting rid of spambots, which he sees as an annoyance, in addition to addressing the “free speech” issues he sees.
Elon has also mentioned opening up Twitter’s algorithm, which would allow us to see why things trend the way they do and why we see some tweets on our timeline vs others. Basically, more transparency in Twitter’s internal operations.
Of course, him taking the company private might mean that this becomes a subscription-based service… especially if he’s serious about doing rid of ads. So, the question is: are people prepared to pay for Twitter, which has hitherto been free?