This week, Elon Musk finally succeded in his bid to acquire Twitter with a US$44 billion (SG$60.5 billion) cash deal that will see the world’s richest person taking control of the social media platform. The deal is one of the biggest leveraged buyout deals in history and will take the 16-year-old platform private.
Musk, who is one of Twitter’s most-watched users with over 83 million followers, has been outspoken in the last few months in his criticism of Twitter’s management. He alleged that the company’s algorithms are biased and that feeds are cluttered with automated junk posts. He also made suggestions that Twitter’s user growth was inflated by bots.
On April 9, Musk revealed that he had taken a nine per cent stake in Twitter and that the company had invited him to join its board.
While it was initially something Musk and Twitter’s CEO, Parag Agrawal, were excited about, the offer did not work out in the end.