Musk is buying a company.
After the social media platform announced Monday, April 25, that it intends to accept the self-proclaimed Technoking's approximately $44 billion purchase offer, the CEO of the Boring Company will add another corporate feather to his bejeweled cap.
The reactions were mixed.
According to reports, Musk failed to disclose his purchases in a timely manner as required by securities laws, which resulted in him getting a cool $143 million in the process.
The stock grab was the latest in a complicated relationship between Musk and the social media platform. Over the years, Musk has been charged with securities fraud, and was taken to court over his attack on a cave diver, as well as his proposal to turn the San Francisco office into a shelter for unhoused.
He really wants an edit button.
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It is essential for Musk to have his own account on the social network, which has almost 84 million followers. It is also essential to his business since the PR department was dissolved.
Musk's completely free and unfettered use of that account has, at various points during the past few years, been slightly threatened, most notably when the terms of a settlement with the Securities and Exchange Commission required him to get pre-approval from the company. He seemed to ignore the specific terms of the settlement.
There was talk of Musk joining the board of the company when his purchases were disclosed. An agreement for Musk to join the board was reached in early April, but then he was not going to join it.
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Why? Maybe it had something to do with the board being limited to owning 14.9% of the company.
It was reported that employees were relieved that Musk wouldn't sit on the board.
The road ahead is rocky for both Musk and Twitter.
A lot of polls have been posted by the overly enthusiastic tweeter, asking users what changes should be made to the platform. According to the New York Times, employees of the company have been left wondering what this purchase means for them and their compensation.
The company went so far as to lock down changes to its product in order to keep employees from being upset about the deal.
Musk shared a statement on where else he could, where he shared some of what he hopes to accomplish.
He wrote that he wanted to make the product better by enhancing it with new features, making it open source to increase trust, and authenticating all humans.
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The richest person in the world didn't mention that he bought the toy because no one can threaten to take it away.
We will all be playing in his sandbox after the transaction is complete.
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