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23 May, 2022
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Elon Musk Paid THIS Whooping Amount To Buy Twitter!

The long-awaited deal between Tesla CEO Elon Musk and Twitter Inc has been finalized. World’s richest man has finally secured the biggest social network company at a whooping amount of $ 44 billion, amounting to more than Rs 3.37 lakh crore INR.

Twitter is full of millions of users and is one of the most influential social networking sites. With the official Elon Musk Twitter announcement, the company’s future remains uncertain. 

It is already known that the millionaire will propose a series of changes to the micro blogging website once the identities are officially transferred to him, as they were known for criticizing some of the policies on Twitter, calling the site a “hampering” free speech.

Musk has criticized Twitter ratings, calling itself the absolutist of free speech, saying the Twitter algorithm for prioritizing tweets should be public and criticized giving too much power to advertising companies.

According to the Elon Musk news, who is about to become the new owner of Twitter, people on social media are still divided over this change of ownership. One part of Twitter celebrates this change, and the other is concerned about how free speech calls can lead to conflicts.

Political activists expect the Musk regime to impose minor sanctions and repatriate banned individuals, including former President Donald Trump and famous Bollywood female actor Kangana Ranaut. The Conservatives have enjoyed the hope of a few rules, while some human rights activists have expressed fears of an increase in hate speech.

In addition, Musk has previously discussed some of the changes he would like to introduce on the website. He had said that Twitter needed easy-to-use tweaks, such as editing and filtering “spambots” that sent large numbers of unwanted tweets.

Meanwhile, Twitter chief executive Parag Agrawal has expressed concern over Elon Musk taking over the social media site. Agrawal told his staff that the future of Twitter ‘remains in the dark’ after a recent deal. If the CEO of Twitter is demoted by the new owner, he will receive a salary of USD 42 million which is close to 4 billion in INR. 

It is a pivotal moment for this 16-year-old social network company, which has emerged as one of the most influential public spaces in the world and is now facing a series of challenges.

“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.

 

Former Twitter CEO Jack Dorsey entered into the deal late Monday via tweets thanking Musk and current Twitter CEO Parag Agrawal for “getting the company out of an impossible situation”.

Jack further added, “Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step”.

Twitter shares rose to 5.7% on Monday, finishing at $ 51.70. The deal represents about 40% of the closing price on the day before Elon Musk revealed he bought a stake of more than 9%. 

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