Elon Musk takes a deal to buy Twitter for $44 billion in a transaction that will give control of the social media platform have millions of users and global leaders to the world’s richest person.
Discussions over the deal, which last week appeare uncertain, accelerate over the weekend after Musk wooed Twitter shareholders with financing details of his offer.
Twitter start negotiating with Elon Musk to buy the company at the propose $54.20 per share price.
This deal ends Twitter’s run as a public company since its 2013 initial public offering.
Parag Agrawal, Twitter’s CEO, Said :
Elon Musk Said :
Twitter’s shares were up about 6% following the news.
CEO Parag Agrawal Says Company Future Uncertain
Twitter CEO Parag Agrawal told employees that the future of Twitter is uncertain after the deal to be taken private under billionaire Elon Musk closes.
Parag Agrawal was speaking during a Twitter-wide town hall meeting that was heard by Reuters.
Elon Musk will join Twitter staff for a question-and-answer session at a later date, the company told employees.
As Parag Agrawal listen to staff questions about Elon Musk’s plans for the company, the possibility of layoffs and the board’s rationale for the deal, Parag deferred many questions as ones that should be ask of Elon Musk.
Elon Musk has said he believes Twitter should be a platform for free speech.
Employees ask Parag Agrawal whether former US President Donald Trump, who was permanently suspend from Twitter last year, would be allow to return once Elon Musk takes over.
Parag Agrawal Said :
Parag Agrawal also told employees there were no plans for layoffs.
Bret Taylor, chair of Twitter’s board of directors, aim to reassure employees that the agreement with Elon Musk prioritize “operating continuity” until the deal was close.
Bret Taylor Said :
Musk-Twitter Deal Cheered by US Republicans while Democrats Not Too Happy
Republican lawmakers welcom news that billionaire Elon Musk, who calls himself a free speech absolutist, was purchasing Twitter, but Democrats slam it as a sign that more needed to be done to rein in Big Tech.
Elon Musk, owner of Tesla and SpaceX, get the $44 billion (approx. Rs. 3,36,400 crore) cash deal.
Conservatives have accuse the social media platform of bias against right-leaning views.
They cheer the prospect of fewer controls under Musk, who has criticized Twitter’s moderation.
“Free speech is making a comeback,” tweeted US Representative Jim Jordan, a member of the Freedom Caucus of conservative House Republicans.
Jordan and other Republicans have been critical of Twitter for banning former President Donald Trump and other notable conservatives.
Donald Trump’s account, which had more than 88 million followers, was his primary communication tool during his presidency.
He repeatedly use Twitter to claim his defeat in the November 2020 election was due to widespread voter fraud, and he urged supporters to come to Washington on 6th January, 2021 and march on the US Capitol to protest the election result.
Days after the storming of the Capitol, Twitter said it was permanently suspending Donald Trump’s account due to the risk of further incitement of violence.
Political activists expect Donald Trump could get his account restore after Elon Musk’s takeover of Twitter.
But Donald Trump, who has hint he wants to run for president again in 2024, said that he will not return to Twitter even if his account is reinstated and would stay on his own social media startup, Truth Social.
Truth Social, which launch in February, joins other newer companies that bill themselves as champions of free speech and hope to draw users who feel their views are suppress on more establish platforms.
But so far none have come close to matching the popularity of their mainstream counterparts.
Senator Marsha Blackburn, another Republican, Said :
Elon Musk has said Twitter’s algorithm for prioritizing tweets should be public and has described user-friendly tweaks to the service, such as an edit button and defeating “spam bots” that send overwhelming amounts of unwanted tweets.
Amid concerns from human rights activists that the deal could lead to unfettered hate speech, Democratic lawmakers called for more accountability.
Senator Elizabeth Warren, a progressive and a critic of the tech platforms, call the deal “dangerous for our democracy.”
Senator Elizabeth Said :
White House spokesperson Jen Psaki decline direct comment on Elon Musk’s deal but Said :
Representative Ro Khanna said the deal was a reason to pass a bill to protect the data of people who go online.
Ro Khanna Said :
CEO Parag Agrawal Could Receive $42 Million If Terminated
Twitter CEO Parag Agrawal would get about $42 million (approx. Rs. 320 crore) if he were terminate within 12 months of a change in control at the social media company, according to research firm Equilar.
Elon Musk in a securities filing on 14th April 2022 had said he did not have confidence in Twitter’s management.
Equilar’s estimate includes a year’s worth of Parag Agrawal’s base salary plus accelerate vesting of all equity awards, an Equilar spokesperson said, base on Elon Musk’s offering price of $54.20 (approx. Rs. 4,100) per share and terms in the company’s recent proxy statement.
A Twitter representative decline to comment on Equilar’s estimate.
Parag Agrawal, previously Twitter’s chief technology officer, was name as CEO in November.
His total compensation for 2021 was $30.4 million (approx. Rs. 230 crore), according to Twitter’s proxy, largely in stock awards.