What’s Next For Twitter?
Following Twitter's announcement on Monday that it had reached an agreement to sell the company to Elon Musk for approximately $44 billion, Jack Dorsey, the company's former CEO and co-founder, stated that Musk's takeover was the "single answer." While we know a lot about the deal, major questions remain unanswered, such as who will run Twitter and how. Here's a rundown of everything we know and don't know about one of the most stunning purchases in history.
The Future of Twitter! (Who will run Elon Musk's Twitter account? What do we know and what do we not know?)
On Monday, Twitter agreed to sell itself to Musk for $44 billion, but the question remains, what is the future of Twitter? We know a lot about the agreement, but we also don't know a lot. Let us begin with what we do not know.
What do we not know?
Musk's personal funding: Musk will pay $21 billion for the company out of his own pocket, according to Twitter, but there are no further details on where the money will come from.
However, now that the sale has become more appealing, private equity firms, which are typically wary of hostile transactions, may be more willing to participate. Some current Twitter shareholders may opt to convert their shares to a private corporation. All of this suggests that Musk may not be held liable for a large portion of the money.
Who will lead Twitter?
Both CEO ParagAgrawal and chairman Bret Taylor were mentioned in Twitter's announcement of the deal on Monday, indicating that they are still in charge - at least for the time being. Musk, on the other hand, has been vocal about his dissatisfaction with Twitter's board of directors in recent weeks.
Former Twitter CEO Jack Dorsey, for example, has backed Musk's takeover, stating that "Elon is the one solution" he believes will help Twitter succeed.
How will it be carried out?
Musk has made no secret of his desire to transform the platform into a haven for uncensored expression. He's also suggested adding an edit button, removing advertisements for premium users, and tightening the platform's authentication requirements. But, aside from these few details, little is known about Musk's plans for Twitter's management.
What are aware we of
Twitter's ownership structure: Musk has agreed to sell the company to a "wholly owned" entity. The announcement makes no mention of co-investors, and the language implies that those who do participate will be minor stakeholders.
Musk's initial bid of $54.20 per share was described as his "best and final offer." He kept his word, announcing an all-cash transaction for that exact amount.
Last week, Musk revealed that he had secured $25.5 billion in loans from a dozen banks to help fund the bid.
Although the announcement on Monday did not specify whether either party had committed to paying a termination fee if the agreement fell through, Bloomberg News reported that Musk would be liable if the deal fell through.
Twitter's role in the Indian government's expectations
According to Rajeev Chandrasekhar, minister of state for electronics and information technology, who spoke exclusively to us after the social media platform reached an agreement with Musk, who describes himself as a "free speech absolutist," the Indian government's expectations of accountability from all intermediaries, including Twitter, have not changed.
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