Social Media

Elon Musk $44bn Twitter Takeover Is Official After Deal

SOCIAL MEDIA TRENDS - Keisha Wray Post

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Elon Musk has completed his $44bn (£38.1bn) takeover of Twitter, according to an investor in the firm.

Twitter’s chief executive and finance boss have reportedly left with immediate effect.

It brings to a close a saga that saw Twitter going to court to hold the world’s richest man to the terms of a takeover deal that he had tried to escape.

Mr Musk tweeted his interest in the platform was not about making money.

Twitter investor Ross Gerber, who is chief executive of Gerber Kawasaki Investments in California, confirmed to the BBC that the deal had been completed.

“I think the court pushed him over the line,” said Mr Gerber. “Quite frankly, this has sort of been a disaster from the beginning, of course, starting off very aggressively courting Twitter in a way that really forced Twitter to the table… then getting all upset and having a public spat over what to me was pretty well known issues.”

On Thursday, Musk wrote a message intended to reassure advertisers that social messaging services wouldn’t devolve into “a free-for-all hellscape, where anything can be said with no consequences!”

“The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence,” Musk said in the message. “There is currently great danger that social media will splinter into far-right wing and far left-wing echo chambers that generate more hate and divide our society.”