“Under the terms of the agreement, Twitter shareholders will receive $ 54.20 in cash for each common stock,” the company said. Shares of the company strengthened by almost 5.7 percent on Monday and closed at $ 51.70.
According to Musek, it is necessary for Twitter to be transferred to private ownership in order for it to develop and become a real platform for free expression.
“Freedom of speech is the foundation of a functioning democracy, and Twitter is a digital square where fundamental issues for the future of humanity are discussed,” Musk said. “Twitter has huge potential. I am looking forward to working with this company and the user community to use it, “he added.
Already in early April, Musk announced that he had bought a 9 percent stake in Twitter. Then in mid-April came up with an offer to take over the whole company.
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Twitter is used by 217 million people
The American Internet social network Twitter was opened to the public almost 16 years ago, on July 15, 2006. The first experimental report was sent on March 21, 2006. A company that allows users to send and read posts (maximum 280 characters) sent by other users, known as tweets, then entered the New York Stock Exchange on November 7, 2013.
Twitter quickly became a phenomenon that fundamentally changed the way events are reported. Through it, some news spreads faster than with traditional media. For example, the announcement of the death of the world’s most wanted terrorist, Osama bin Laden, could first be read on this network. Opponents in many dictatorial regimes use it as the main communication channel.
The daily number of active users who see the ad increased by 13 percent to 217 million in the fourth quarter of last year. However, net profit fell to $ 182 million (then 3.9 billion crowns) from the previous year’s comparable value of $ 222 million. Advertising revenues and user growth then fell short of expectations, as did the revenue forecast for the first quarter. Year-on-year, Twitter remained at a loss, although it significantly reduced it.
However, in a report released on February 10, Twitter noted that it had made significant progress toward its goal of annual revenue of $ 7.5 billion and 315 million users by the end of 2023.
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