Why is Elon Musk buying Twitter? | The Sun
ELON Musk made headlines because of his audacious attempt to buy Twitter.
The billionaire seeks to add Twitter to his other companies, which include Tesla, SpaceX, Neuralink, and The Boring Company.
Why is Elon Musk buying Twitter?
It has been reported that Elon Musk could be finalizing a deal to buy Twitter on April 25, 2022, for $46.5billion.
According to ZDNet, Musk has previously stated that one of his motivations for buying Twitter was to combat trolls on the social media platform when he said: "A top priority I would have is eliminating the spam and spam bots and bot armies that are on Twitter."
He also stated that he wanted to make changes to the Twitter Blue premium subscription service, by reducing prices and possibly banning advertising.
Part of his offer letter to purchase Twitter also stated: "The company will neither thrive nor serve this societal imperative in its current form."
As a result, he seeks to make some changes to Twitter when the takeover is complete.
On June 21, 2022, it was then announced that Twitter's board recommended unanimously that shareholders approve the proposed $44billion sale.
What has Elon Musk said about Twitter?
Musk posted a tweet about Twitter on April 25, 2022, saying: "I hope that even my worst critics remain on Twitter, because that is what free speech means."
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ZDNet also reported how Musk described his laissez-faire approach to censorship during a Ted Talk, saying: "I'm not saying I have all the answers here. I do think that we want to be very reluctant to delete things and be very cautious with permanent bans. Timeouts are better."
Musk has previously also said that Twitter needs to be taken private to grow and become a genuine platform for free speech.
Musk, who is an advocate of cryptocurrencies, has signaled that he may add Dogecoin as a payment option on the social media platform.
Who owns Twitter?
Twitter is not owned by a single person, but by shareholders.
According to Investopedia, there are five top shareholders in addition to the numerous shareholders around the world.
The Vanguard Group, Inc holds the largest stake, owning about 82.4million Twitter shares, which represents 10.3 percent of shares outstanding as of March 31, 2022.
Elon Musk, has the second-largest stake, owning 73.5million Twitter shares, representing a 9.2 percent stake in the company as of year-end 2021.
Morgan Stanley holds the third-largest stake in Twitter with about 67million shares, which represents 8.4 percent of the total outstanding as of year-end 2021.
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BlackRock Inc. owns about 52.1million shares of Twitter, representing a 6.5 percent stake as of year-end 2021.
The fifth-largest shareholder is State Street Corp., which held 36.4 million Twitter shares, representing a 4.5 percent stake in the company as of the end of 2021.
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