Musk has bought a company.
Will they/won't they be the biggest story since Ross and Rachel? The board has finally decided to accept Musk's $44 billion takeover offer.
Early speculation on Monday morning led to a rally in the stock of the social media company. The recent decline in performance of the stock was due to a lack of confidence in the Musk/Twitter deal.
We can expect a short-term hike in the stock market after the massive deal.
The kerfuffle began when Musk bought 9.2% of the stock of the company.
The company offered Musk a board position in order to stop him from buying more stock.
Musk initially signaled his willingness to accept the position, but he eventually declined before making a bid for the entire company. You can grab the whole building if you take a seat.
The deal was not accepted by Twitter. Initial reports indicated that the company's board unanimously voted for and instituted a poison pill to prevent a hostile takeover.
It appeared that it might have avoided the buy out. There was a rumor that a suitor who was more open to change might come along.
CFRA senior equity analyst Angelo Zino told CNN that a white knight wasn't going to show up and top Musk's offer.
The internet's most politically-divided social media network can expect some changes now that Musk is in charge.
In a now-public letter to the board, Musk stressed his desire to reform the company in order to achieve his personal goals.
I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form.
Twitter needs to be transformed as a private company.
I hope that even my worst critics remain on Twitter, because that is what free speech means
— Elon Musk (@elonmusk) April 25, 2022
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