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Twitter’s board of directors has approved billionaire Elon Musk’s offer to acquire the platform for $44 billion
Musk, who made an offer to buy the platform two weeks ago, says he is the right person to unlock the platform’s exceptional capabilities.
He indicated his desire to make changes within Twitter, including easing restrictions on content.
After the Tesla chief revealed his bid for the first time, Twitter’s management announced a so-called “poison pill” strategy to stave off a potential “hostile” buyout.
But then it changed its stance.
Details of how Musk plans to fund his bid, which were revealed to US regulators on Thursday, have prompted Twitter’s 11-member board of directors to seriously consider concluding, US reports.
According to news, a number of Twitter shareholders contacted the company, after Musk announced the financing plan, urging it not to miss the opportunity to conclude the deal.
Earlier this month, Musk refused a seat on Twitter’s board of directors, which would have limited the shares he is allowed to own, and then made an offer to take over the company on April 14.
Musk recently said he believes Twitter should be more open and transparent. “I think it is very important to have an inclusive arena for freedom of expression,” he added during the TED 2022 conference in Vancouver.
picture released, Getty Images
Who will run Twitter in the future?
It is not clear who will run the Twitter platform after the agreement on the Musk acquisition, he is the CEO of Tesla, according to the company’s website.
Musk also holds the position of CEO, chief technology officer, and president of the “SpaceX” company for rockets and spacecraft, as well as his participation in a number of other companies and start-up companies.
Twitter is run by CEO, Parag Agrawal, who took over the position last November with the support of co-founder and former president, Jack Dorsey.
“I have so much faith in Prague as CEO of Twitter,” Dorsey said at the time. “I am so grateful for his skill, heart and spirit. It’s time to lead (the company).”
Musk is critical of Twitter’s management, telling Twitter CEO Brett Taylor in the takeover offer document: “I have no confidence in management.”
Agrawal has not discussed the acquisition of the platform since the beginning of this month, when Musk announced his rejection of the offer of a seat on the company’s board of directors, a decision that he said would be “the best”.