On Monday, the company declared that it had agreed Tesla CEO Elon Musk‘s $44 billion bid to lead the company private.
Twitter Inc.’s stock surged more than 5% on Monday to $51.70 per share. Musk launched a bid to purchase Twitter for $54.20 per share on April 14. While the price has risen considerably since Musk’s offer, it is still well below the all-time high of $77 per share set in February 2021. We know that Musk formerly owned a 9% share in the site.
Elon Musk has finally set the blue bird free: pic.twitter.com/LXjzYCS2ZU
— Mikey (@MikeDulaimi) April 25, 2022
As well as the Musk owning Twitter, industry experts and Austin-area tech authorities believe it’s not a stretch to think he’ll relocate the company’s headquarters from San Francisco to Austin, or at the very least establish a much giant corporate appearance for the corporation in Central Texas, that has become a focal point for Musk’s companies.
Why Elon Musk Wanted to Takeover Twitter?
In the recent time, Musk wished to create a new social media platform for the users by the way he hold a 9% stake in the platform, as a result market value of each share rose higher than the previous time. Subsequently, the Billionaire proposed to purchase the whole company and finally he made it.
The outspoken Tesla CEO has stated his desire to purchase and privatize Twitter because he believes it is not living up to its promise as a free expression medium.
In previous weeks, he has proposed a number of changes for the company, ranging from loosening limits like the rules that suspended former President Donald Trump’s account to absolving the platform of fake and automated accounts, and moving away from its advertising-based business model. Elon thinks he can raise income by offering subscriptions that provide a better user experience to paying users, maybe even an ad-free version of Twitter.
Musk stated in a statement issued with Twitter that he wishes to make the experience better than ever before by adding more features and making its algorithms available to the public to improve confidence.
That’s partly because, by statistics, Twitter isn’t the most popular or even the most prominent social media network on the market. Twitter had 338.6 million monthly worldwide users last year. According to Insider Intelligence, TikTok has over 600 million monthly users and is rapidly expanding as the platform of choice for young people. Despite its stagnation, Facebook has over 2 billion monthly users and is nearly associated with the Internet in certain locations.