Elon Musk reaches deal to buy Twitter for $44 bn
2 years, 8 months ago

Elon Musk reaches deal to buy Twitter for $44 bn

Deccan Chronicle  

NEW YORK: Elon Musk, the world's richest man, struck a deal Monday to buy Twitter for $44 billion, capping a saga complete with hostile takeover threats before delivering him personal control of one of the most influential social media platforms on the planet. Twitter famously served as a megaphone for former US president Donald Trump before the platform banned him, and Musk -- a self-proclaimed "free-speech absolutist" -- has said he wants to reform what he sees as the platform's over-zealous content moderation. "Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated," Musk said in a statement released by Twitter. At the White House, Press Secretary Jen Psaki said "no matter who owns or runs Twitter," President Joe Biden -- himself a Twitter user -- is "concerned about the power of large social media platforms." Under Agrawal, who took over as Twitter CEO late last year, the company has made progress on new monetization features such as subscription products, Truist securities said in a note, adding that "short term, Musk's involvement at this stage runs the risk of disrupting those efforts."

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