With Twitter Inc. agreeing to its acquisition by Elon Musk, the world’s wealthiest person, at a price of $44 billion, the grapevine is abuzz with the changes that the platform might see in the coming days. Musk plans to take the platform private and is paying $54.20 per share of common stock, which is at a 38% premium to the closing price at the beginning of the month.
The deal has been endorsed by Jack Dorsey, the co-founder of the platform, who said, “This is the right path.” Dorsey has referred to Twitter as the “closest thing we have to a global consciousness” and spoke about the need to reclaim Twitter from the grip of the ad model and Wall Street. He has also said, in no uncertain terms, that Elon Musk is the singular solution he trusts. Dorsey, in his endorsement, also tried to show that there is synergy between Musk and Parag Agarwal’s goals. The beleaguered CEO of Twitter has been at the receiving end of Musk’s ire for unfair bans on users. In a meme posted by Musk, he had compared Agarwal to Joseph Stalin.