More
    36.1 C
    Delhi
    Thursday, March 28, 2024
    More

      Elon Musk Acquire Twitter | Everything Which You Need to Know

      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 :

      “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”

      Elon Musk Said :

      “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,”.

      “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

      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.

      ALSO READ  India Plans New Social Media Regulations to Remove Controversial Content

      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 :

      “When the deal closes, we don’t know which direction the platform will go,”.

      “I believe when we have an opportunity to speak with Elon, it’s a question we should address with him.”

      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 :

      “I think we feel very comfortable that (the deal) gives this team the ability to continue to make the company successful in between signing and closing the transaction,”.

      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.

      ALSO READ  Jio Completes 5G Coverage Plans for Top 1,000 Cities in Country

      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 :

      ALSO READ  Wings Phantom 340 TWS Earphones Launched In India

      “I am hopeful that Elon Musk will help rein in Big Tech’s history of censoring users that have a different viewpoint.”

      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 :

      “Billionaires like Elon Musk play by a different set of rules than everyone else, accumulating power for their own gain. We need a wealth tax and strong rules to hold Big Tech accountable,”.

      White House spokesperson Jen Psaki decline direct comment on Elon Musk’s deal but Said :

      “The president has long talked about his concerns about the power of social media platforms, including Twitter and others, to spread misinformation.”

      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 :

      “We need safeguards in place that give users more control over their data and ensure fairness and transparency,”.

      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.

      Related Articles

      LEAVE A REPLY

      Please enter your comment!
      Please enter your name here

      Stay Connected

      18,730FansLike
      80FollowersFollow
      718SubscribersSubscribe
      - Advertisement -

      Latest Articles