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Elon Musk buys Twitter for $44B — Creates A Stir In The Crypto Industry

Elon Musk buys Twitter for $44B — Creates A Stir In The Crypto Industry

The board of directors of Twitter approved the deal at $44 Billion by Tech wizard Elon Musk on 25th April unanimously and added that they still needed the approval of the Twitter stakeholders for the decision. 

Discussions on the free speech were going on across many online platforms for hours and even days before the CEO of Tesla, Elon Musk decided to buy the social media platform Twitter, by users who were both in and out of the cryptocurrency industry. 

On 25th April, Twitter made an announcement that it would become a privately acquired company after its board of directors accepted the bid from Elon Musk to buy the stock of the firm for USD 54.20 in cash per share i.e. about 44 billion. Although the transaction is all set to close this year, the approval of stockholders and certain regulators are there to consider. 

One of the last tweets from Elon Musk before the news of the purchase was made the news was that he hoped that even his worst critics remained on Twitter because according to him that was their free speech. He also added that free speech acts as the bedrock of the functioning democracy while Twitter is the virtual town square. 

However, a number of users think that such a multi-billion dollar purchase might potentially
have the opposite effect. President of Media Matters for America, the nonprofit media watchdog Angelo Carusone showed his concerns before the announcement while stating that it would be the victory of disinformation and users who peddle it if Twitter agrees to this sale and suggested that Elon Musk might decide unilaterally to allow back the users who were banned before for inciting hate speech. 

Co-creator of Dogecoin (DOGE) based on the meme sensation Shiba dog, Jackson Palmer, whom Elon Musk had often pushed over social media platforms, called this acquisition the “hostile takeover” which was antithetical to the meaning of freedom. Anthony "Pomp" Pompliano, the Bitcoin bull, however, congratulated Elon Musk while BlockFi, the cryptocurrency lending firm took its comical stance by posting the mashup photo of the Twitter logo and the Shiba dog from Dogecoin. 

CEO and founder of MicroStrategy, Michael Saylor refrained from commenting directly on
this acquisition but replied to Elon Musk with text for the first amendment of the Constitution of the United States and suggested through the tweet his support for this move. Jody Hice, a member of the House of Representatives who supported the false claims of U.S. Presidential Election 2020 fraud, also lauded this transaction as a victory for the first amendment.  

What the supporters of the first amendment had meant through their support for the purchase of Twitter by Elon Musk is still unclear because thus constitutional amendment stops Congress to pass laws that prohibit some types of speech instead of not limiting private employers in the country. The courts of the U.S. had ruled previously that freedom of speech does not incite imminent illegal action. Similarly, the rules of Twitter show that it stops users to incite violence against a group of people or an individual or others to get engaged in the targeted harassment. 

Elon Musk has 83 million Twitter followers, way more than the former CEO of Twitter, Jack Dorsey who has 6.3 million followers -So Musk is more influential on social media, especially Twitter, as a result of this purchase. On the 14th of April, Elon Musk stated that eliminating spam bots, bot armies and scammers including those related to cryptocurrency scams would be among his top priorities after acquiring Twitter. 

Currently, Twitter shares are priced at USD 51.70 i.e. it had risen over 32 per cent within
the last thirty days.