Jack Dorsey, the co-founder of Twitter and current Block Head, has commented on Elon Musk’s purchase of Twitter. “In principle, I don’t believe anybody should own or operate Twitter,” Dorsey wrote in a tweet thread that begins with a link to Radiohead’s “Everything in Its Right Place.” On a protocol level, it aims to be a public benefit, not a business. However, when it comes to the matter of it being a firm, Elon is the only person I trust. I have faith in his goal to spread consciousness.”
“Twitter is the closest thing we have to a global consciousness,” he remarked earlier in the thread, and a large part of that “global consciousness” has been wondering for the last month if Musk will really acquire the firm. There was a period (a few weeks ago) when it looked like a far-fetched thought before confirmation arrived yesterday. On April 4, Musk purchased 9.2 percent of Twitter. Then, ten days later, he made an offer to purchase Twitter for $42 billion, which was rejected the next day. However, speculations surfaced on Monday that Twitter was close to a deal with Musk, and the business formally revealed Tuesday that it had accepted Musk’s $44 billion purchase bid.
Check out TechCrunch’s timeline if you’re having difficulties keeping up with the fast-paced events in this tale. It’s been an eventful month for the social media platform that we all despise. Elon Musk bought 9.2% of Twitter in early April and aims to exert control over the firm through its board of directors. Musk came up with an even more absurd scheme when he backed out of his scheduled board seat: he’d purchase the firm altogether and take it private. Everyone was frightened out and had an opinion about it, and some of those opinions questioned the seriousness of the notoriously unserious tech mogul’s ambitions.
Musk’s $43 billion bid valued Twitter at a lower price than it was a year ago, raising the question: Is this person for real? We don’t know for sure — Musk is notoriously erratic and prone to huge foolish stunts — but he appears to be cobbling together the funds with the aid of Morgan Stanley and Bank of America. Musk is the richest man on the planet, but he’s also financially-strapped for a billionaire, so he’d have to cash out shares in Tesla and SpaceX, the two firms he’s nominally operating while whipping us all into a frenzy over his entirely unneeded plans to purchase Twitter and remake it in his image.
Meanwhile, Twitter is preparing a poison pill defense to counter Musk’s ambitions, which would allow existing shareholders to acquire additional stock at bargain rates, thereby diluting the company’s shares and driving up the price of his bid. Twitter has accepted Musk’s $44 billion buyout bid as of April 25th. From start to end, here’s how the Twitter acquisition played out.
