It is the largest social media transaction since Microsoft purchased LinkedIn in 2016.
The company reached an agreement with Tesla CEO Elon Musk on Monday, less than two weeks after the billionaire unveiled his $43 billion bid. Twitter’s official valuation is $54.20 per share, or approximately $44 billion.
When Musk first made the offer on April 14, it wasn’t clear how he’d pay for it, so Twitter implemented a “poison pill” to prevent the purchase. The board, on the other hand, has warmed up to Musk’s offer in the last week as he secured funds and opened the door to neg
In related news, the dogecoin cryptocurrency jumped as much as 26%, as speculation surrounding the Twitter deal included the possibility that Musk could incorporate dogecoin into the platform in some way.
Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer as a “joke” in response to the wildly speculative nature of cryptocurrencies at the time. It is regarded as the first “meme coin” and, more precisely, the first “dog coin.” Dogecoin has a lot of support from Elon Musk. Musk told TIME Magazine after being named “Person of the Year” for 2021, “Even though it was created as a silly joke, Dogecoin is better suited for transactions.”
In a statement, Musk said his vision for Twitter includes:
- Adding new features to enhance the product;
- Make the Twitter algorithms open-source;
- “Defeat” spambots;
- Authenticate all human users.
Source: Business Insider
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