Musk says Twitter promotes free speech, but it would work better in private ownership.
25.4. 22:25 • Updated April 25. 22:48
The social media instant messaging service Twitter confirms that the company has been sold to a billionaire Elon Muskille $ 44 billion, or just over $ 41 billion.
Musk bought a nine percent stake in Twitter on April 4th. He refused a seat on the board because it would have limited his stake to a maximum of 15 percent.
Twitter’s board of directors made a complete reversal of its sale decision, as it recently approved a plan to protect the company from Musk’s takeover attempt.
Under the so-called “poison pill”, shareholders who oppose the takeover will be given the option to purchase additional shares in the company at a reduced price if an outside party acquires at least 15 percent of Twitter’s stock against the will of the board. Such a plan can significantly increase the cost of taking over a company.
“Freedom of speech is the cornerstone of a functioning democracy and Twitter is a digital marketplace that discusses vital issues for humanity,” Musk said in a press release.
“I also want to make Twitter better than ever by improving it with new features, making algorithms open source to build trust, defeating spam bots, and authenticating all users,” he added.
Musk is a hard-working tweeter who has often caused confusion with his comments. He has stunned politicians and is suspected of spreading false information on his tweets.
Musk says Twitter promotes free speech, but it would work better in private ownership.