Elon Musk, the CEO of Tesla and a multibillionaire, is acquiring Twitter for USD 54.20 a share and has already gotten praise from Twitter founder Jack Dorsey. Meanwhile, Bluesky, a Twitter-funded decentralized social media initiative, has stated that it will stay autonomous “regardless of what happens.”
The agreement between Musk and Twitter implies that the social media behemoth will be delisted from the stock exchange and will instead become one of the world’s most valuable privately held firms, with a USD 44 billion value.
Simultaneously, Musk has pledged many substantial improvements to the network, including a stronger focus on free speech, making Twitter’s algorithm open source, and perhaps introducing some sort of payment, which might include support for Dogecoin (DOGE) or other crypto assets.
Former Twitter CEO and bitcoin (BTC) champion Jack Dorsey praised Musk publicly, calling Musk’s objective of developing a “maximally trustworthy and widely inclusive” social media network “the correct one.”
Musk is returning to his native –
In response to the transaction, Holger Mueller, an analyst at Constellation Research, was reported by TechCrunch as saying that Musk is “going back to where he started—back to the software,” alluding to Musk’s establishment of PayPal at the beginning of his career.
He went on to say that both shareholders and advertisers will be pleased with the outcome, adding that “a lot of technological advancements, like an edit button, maybe threaded dialogues, and better business with moderation, audience management,” should be expected.
In a similar vein, Noah Smith, an economics commentator for Bloomberg and other publications, stated in a blog post that he is “cautiously optimistic” about Musk’s intentions.
“The issues with Twitter are so deep and so severe that only absolute control by a single man has a realistic possibility of overcoming them,” he said, before adding, “whatever [Musk] decides to do, he will probably be able to execute it.”