Elon Musk annouces his acquisition of Twitter, gives reason why

Twitter has officially become the private company of Elon Musk, at least according to him.

Musk, the CEO of Tesla and Space X, announced this on Thursday in a tweet.

“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 in our society.”

“In the relentless pursuit of clicks, much of traditional media has fueled and catered to those polarized extremes, as they believe that is what brings in the money, but, in doing so, the opportunity for dialogue is lost,” he added.

On why he bought the microblogging site, he said “That is why I bought Twitter. I didn’t do it because it would be easy. I didn’t do it to make more money. I did it to try to help humanity, whom I love. And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.”

Earlier in the year, Musk announced that he had paid $44 billion for the acquisition of Twitter. However, Musk threatened to withdraw from the deal after he alleged that Twitter refused to let him in on the true number of bots and spam accounts, also expressing doubts if the company was truly worth what he paid for it.

His actions drew the ire of Twitter after his threat to withdraw caused the company’s shares to plummet. Twitter would proceed to hire a US law firm to take legal action against Musk, launching a lawsuit against him in the Chancery Court of Delaware on July 12.

However, Musk announced his intention to close the agreement as agreed upon on October 4, at 54.20 a share, equivalent to a $44 billion buyout.

Twitter headquarters.

Musk’s Twitter bio as of today also reflects his new acquisition, calling himself the “Chief Twit.” There’s also a video that circulated this week showing the South African-born Musk roaming about headquarters with moving boxes.

Experts believe his decision to go ahead with the acquisition was heavily influenced by the lawsuit.

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