Elon Musk took a step that only Don Corleone himself could take – his expensive bid to buy Twitter would have gotten the green light … with the deal coming in for a landing.
Reuters says Musk’s $43 billion offer is set to be accepted by Twitter’s board on Monday, and a formal announcement could be expected later today. Looks like it hasn’t budged on its price of $54.20 per share – and it’s pushing them up right now.
There is, of course, the possibility that this thing might fail… but for now, all signs point to EM becoming the new owner of the bird app, ushering in a new regime.
As we reported… there were rumblings of this comes to fruition over the weekend. Twitter and Musk sat down on Sunday, which apparently extended into the wee hours of the morning. The word is… the company was under major shareholder pressure to sell.
Some of the shareholders wanted to see if Musk’s price would go up…but ultimately it looks like they’re willing to accept his original betting token – especially now that he’s got everything secured. Elon raised the money last week with the help of outside partners.
There’s a long list of goals that Elon apparently wants to achieve with the takeover. Beyond addressing the “free speech” issues he sees, EM is also reportedly talking about longer tweets, moving away from ads and getting rid of spam bots – which he considers a pest.
Elon also talked about making Twitter’s algorithm open source… which means we’d be able to see why things evolve the way they do, and why exactly we see certain tweets on our timeline versus others. Basically…more transparency on how Twitter works internally.
Of course, his making the company private could mean that it becomes a subscription service…especially if he really wants to put an end to the ads. So the question is… are people willing to pay for Twitter, which was free until now???