If you’re like us, you’re trying to stay updated on what the heck is going on with Twitter. The nearly 20-year-old app has experienced some changes recently, and we’re here to explain what’s going on.
Elon Musk Bought Twitter
Earlier this year, electric vehicle tycoon Elon Musk expressed interest in Twitter because he sought to continue the company’s commitment to free speech. In April, Musk bought over 9% of Twitter, making him the largest shareholder.
After negotiations, Musk and Twitter finally agreed to a deal. According to the New York Times, “Twitter agreed to be taken over at $54.20 a share, a 38 percent premium over the share price before it was revealed that Mr. Musk had been buying up the company’s stock.”
In simple terms, he bought Twitter for about $44 billion. This is the largest deal in history to take a company private.
Critics, however, question the deal since the platform has around 217 million daily users compared to the billions of users logging into Instagram and Facebook daily. Additionally, the little blue bird app hasn’t turned a profit in nearly a decade.
Tesla’s CEO counters financial criticism because he is placing a higher value on opening the platform to free speech. In a release announcing the agreement between Twitter and Elon Musk, the new owner explains “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,” said Musk.
The billionaire tech mogul added, “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
C-suite level Executives Quit Twitter
A company reshuffle is to be expected during any merger or acquisition. Twitter is no exception. This company, however, is experiencing a larger than usual reshuffle as three C-suite-level executives and two vice presidents depart from the company.
Amid this new chapter for the company, their CEO, Parag Agrawal, has assured the staff at Twitter that they are not planning company-wide layoffs.
Only time will tell how Twitter will fare after the dust settles.
How is Twitter Reacting to the New Owner?
Of course, Twitter users have plenty to say about how they feel about Elon Musk purchasing the app. There are mixed feelings about it, but we thought we’d share a few of our favorite reactions below.
The Twitter saga is long from over, and we’re excited to keep you up to date on any new news that surfaces. Save this link to stay updated on what’s going on with Twitter. Speaking of social media apps, read our next article explaining what’s going on with the Instagram Algorithm!