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{"id":4488,"date":"2022-04-26T15:00:35","date_gmt":"2022-04-26T15:00:35","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/04\/26\/elon-musk-buys-twitter-all-the-news-you-need-on-one-of-the-biggest-tech-deals-of-all-time\/"},"modified":"2022-04-26T15:00:36","modified_gmt":"2022-04-26T15:00:36","slug":"elon-musk-buys-twitter-all-the-news-you-need-on-one-of-the-biggest-tech-deals-of-all-time","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/04\/26\/elon-musk-buys-twitter-all-the-news-you-need-on-one-of-the-biggest-tech-deals-of-all-time\/","title":{"rendered":"Elon Musk buys Twitter: all the news you need on one of the biggest tech deals of all time"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/23026874\/elon-musk-twitter-buyout-news-updates<\/a>
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On Thursday, April 14th, Elon Musk announced an offer to buy Twitter for $54.20 a share. On April 25th, Twitter accepted the deal. <\/p>\n

This is a huge story with a lot of fast-moving parts to it. It\u2019s also a story that will likely stretch out over the next few months, maybe even longer. So we thought we\u2019d put together a guide for you, our readers, that can be updated as things continue to unfold. Because, like Elon<\/a>, we \u2764\ufe0f you.<\/p>\n

So strap in \u2014 it\u2019s going to be a bumpy ride. <\/p>\n

The latest news:<\/strong><\/p>\n

Well, that was fast. <\/p>\n

On April 25th, Twitter\u2019s board of directors accepted Musk\u2019s offer of $54.20 per share, or $44 billion, for total control of the company. It was the same price he named in his initial offer on April 14th. Upon completion of the transaction, Twitter will become a private company. <\/p>\n

The will-he \/ won\u2019t-he-buy-Twitter saga is nearing completion with a deal to be announced as soon as Monday. Twitter is in the final stretch of negotiations with Musk, reports Bloomberg<\/em>. Multiple outlets are reporting that Twitter\u2019s board was considering Musk\u2019s funded offer over the weekend, with The New York Times<\/em><\/a> saying the company\u2019s 11 members were negotiating with Musk into the morning on Monday. Twitter is scheduled to report earnings on Thursday, by which time the company is expected to have weighed in on Musk\u2019s bid, reports The Wall Street Journal<\/em><\/a>.<\/p>\n

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Illustration by Kristen Radtke \/ The Verge; Getty Images<\/cite><\/p>\n

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The story so far:<\/strong><\/p>\n

A thousand years ago, on April 4th, 2022, Elon Musk announced that he had purchased 9.1 percent of Twitter<\/a>. The news that the world\u2019s richest man was now (briefly) the largest shareholder in his preferred social media platform sent the stock price soaring and many a keyboard a-typing. <\/p>\n

Musk immediately set about soliciting suggestions about ways to improve Twitter by \u2014 what else \u2014 tweeting a poll<\/a>. The company responded by offering him a board seat<\/a>, a move that would have restricted him to owning just 15 percent of the company<\/a>. At first, he said yes. Then he changed his mind and said no<\/a>. Meanwhile, our resident Twitter and Musk experts, Casey Newton<\/a> and Liz Lopatto<\/a>, respectively, dug deeper into why Musk was flirting with Twitter and what the likely outcomes would be.<\/p>\n

After declining a seat on Twitter\u2019s board, Musk updated his filing with the Securities and Exchange Commission to indicate that he would not be a passive player in the company\u2019s affairs. Gone was the language that he would restrict his holdings to just 14.0 percent of the company. In retrospect, this was the first clue that he may attempt something more impactful than just buying some stock of serving as a board member. <\/p>\n

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Illustration by Kristen Radtke \/ The Verge; Getty Images<\/cite><\/p>\n

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Platformer\u2019s <\/em>Casey Newton isn\u2019t the only one who didn\u2019t believe Musk would launch a hostile takeover of Twitter. After news broke that Musk had acquired 9.1 percent of the company\u2019s shares, many people briefly entertained the notion that Musk might try to buy the whole company, only to eventually conclude he had already gotten everything he wanted out of Twitter. <\/p>\n

Casey was right in positing that Twitter\u2019s poison pill provisions may not be enough to stop Musk. But he also assumed that Musk would just continue to troll the company through his tweets \u2014 which certainly still is a likely outcome. <\/p>\n

Anyone who\u2019s been in the market to buy a house knows about \u201cbest and final\u201d offers. In his opening salvo, Musk claims his bid to buy Twitter is exactly that. Whether that bolsters his position or ends up painting him into a corner is too early to say. But it is clear that he is offering Twitter\u2019s shareholders a pretty fair premium: $43 billion for a company with a $37 billion market cap. <\/p>\n

Musk says that Twitter must go private in order to undergo the changes that need to be made. These include an edit feature, an open-source algorithm, less moderation, and a higher bar for removing offending tweets. <\/p>\n

Musk is a very rich guy. So, naturally, he would say that he isn\u2019t interested in buying Twitter to make money. He views Twitter as the \u201cde facto town square\u201d and wants to open source the social media company\u2019s algorithm. He\u2019s trying to frame the whole takeover bid as some sort of crusade to protect free speech. <\/p>\n

But even a free speech maximalist like Musk needs to convince shareholders that his buyout offer is in their financial self-interest. Otherwise, what are we really doing here?<\/p>\n

Musk is a prolific Twitter user. He\u2019s also a troll, and Liz Lopatto lays out what exactly he will need to do in order to get people to take him more seriously. Musk has a tendency to shoot from the hip, but several corporate governance experts told us they doubt he actually thought this whole thing out.<\/p>\n

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