By: Jayden Walker
The richest man in the world has a new pet, and it’s Twitter. It all began in January when Musk was buying Twitter stock. He built enough to earn a nine percent stake. Twitter's board offered Musk a board seat, which he accepted. But he changed his mind and instead sent a message to Twitter's chair of the board, Bret Taylor. He shortly stated that he was going to make an offer to buy the company and that it would become public the next day. His offer was to buy Twitter for $54.20 a share. Unanimously, the company decided to use a "poison pill." A "poison pill" is a defensive tactic by a corporation's board of directors against a takeover. They believed that Musk wasn’t being serious, so they didn’t treat him seriously. But Musk was serious and confident. On April 21, he had lined up $46.5 billion from his banker. Twitter’s board realized that he was sincere. On April 25, it was rumored that Twitter was selling for $43 billion. A few hours later, Elon Musk accepted the deal, giving Twitter $44 billion and $54.20 a share. Though it was a major accomplishment, something had to suffer. The next day, Tesla's stocks dropped 12 percent. Musk isn’t focused on that currently, rather he has new ideas for the mobile app. Musk is considering monetizing tweets so he can boost the cash flow. Twitter's co-founder, Jack Dorsey, loves Musk's buyout of Twitter. Before the deal happened, Dorsey tweeted about “consistent dysfunction of the company.” A couple of days after Musk bought the mobile app, Dorsey stated that Musk is the “singular solution he trusts.” How do you feel about Elon Musk buying Twitter? Comment down below.
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