BREAKING Elon Musk to buy Twitter for approximately $44 billion, company announces
As Twitter's newest board member and largest shareholder, Elon Musk is already floating suggestions for changes he'd like to see on the platform.
Twitter's board at first enacted an anti-takeover measure known as a poison pill that could have made a takeover attempt prohibitively expensive. But when Musk outlined the financial commitments he'd lined up to back his offer of $46.5 billion - and no other bidders emerged - the board opened negotiations with him.
"I hope that even my worst critics remain on Twitter, because that is what free speech means," he tweeted. Twitter's board has flexibility in judging Musk's proposal not just on the finances but also the specifics of his business plan and how it could affect users, advertisers and employees - some of whom might leave, said Kevin Kaiser, a finance professor at the Wharton School at the University of Pennsylvania.
Asked during a recent TED talk if there are any limits to his notion of"free speech," Musk said Twitter or any forum is"obviously bound by the laws of the country that it operates in. So obviously there are some limitations on free speech in the US, and, of course, Twitter would have to abide by those rules."
Twitter had initially enacted an anti-takeover measure known as a poison pill that could make a takeover attempt prohibitively expensive. But the board decided to negotiate after Musk updated his proposal last week to show he had secured financing, according to The Wall Street Journal, which was first to report the negotiations were underway.
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