Elon Musk, the richest man in the world,
 |
| Image source-google| image by-breakinglatest.news |
paid 44 billion dollars (about $140 per person in the US), buy one of the most popular social media platforms in the world.
The first thing Musk did after the acquisition forced him to fire
CEO Parag Agarwal.
 |
| Image source-google| image by-SHRADDHA GOLED |
Along with him, many twitter staff were fired. said Elon Musk Twitter is now free.
People will have more freedom to speak in this matter.
In their own words, their biggest goal is to ensure freedom of speech.
“It will be a common platform It is very reliable and comprehensive, very important for the future of civilization."
He wants to make a freedom revolution on Twitter. and must destroy all presumptions. This might lead you to believe that Elon Musk loves Twitter.
This may be true to some extent but you know that Twitter is suing Elon Musk.
After that, Elon Musk was finally forced to acquire Twitter.
The background is very interesting. Let's learn more in today's Blog.
 |
| Image source-google| image by-Financial Times |
Let's understand what the future of Twitter will look like. "After months of legal drama, Elon Musk has finalized his deal to buy Twitter for $44 billion (about $140 per person in the US).
" “And he wasted no time in reinventing everything concerning the corporate.
"Restructuring the complete company, scraping people, raising people, the biggest new job is paying checking accounts $8 a month for a blue check."
 |
| Image source-google| image by-newslivetv.com |
"Experts say Twitter is very effective. It says one thing regarding the planet we tend to sleep on and how it works."
Our story begins on Jan thirty-one, 2022,
When Elon Musk started shopping for shares on Twitter.
In the past few months, he has bought more shares. and increase your Twitter share.
But now, People don't even know he has a Twitter account. This is a secret.
According to the US Securities and Exchange Commission (SEC).
If his share in the company exceeds 5%, must be reported to the SEC, and people know it.
The SEC prescribes a period of 10 days, but Elon Kasturi missed this deadline.
On March 24, Elon Musk took to Twitter to criticize.
His tweet asked his followers, About his thoughts on freedom on Twitter.
Does it support freedom of speech? and democracy.
“It's very important that people have that reality and emotions that they can speak freely in the law.
" Then Elon Musk discussed his thoughts with the former CEO of Twitter Jack Dorsey.
Jack Dorsey was initially thought to support Elon Musk. He likes the idea.
His passion is for freedom of speech. Although Jack Dorsey was not the CEO at the time, Parag Agarwal has become the new CEO.
On April 3, Elon Musk shared his thoughts with then Twitter CEO Parag Agarwal, and consulted with other council members. He asked Twitter to be private.
or they will create "competing" new social media platforms Compete with Twitter.
He was born the next day; April 4 Elon Musk already has a significant presence on Twitter.
He bought a 9.2% stake in Twitter
and has become the company's largest shareholder.
"For Twitter: they're on the rise now, above 25% because Tesla CEO Elon Musk passively shared on Twitter, 9.2% of Twitter's total shares.
" Twitter Board Member If they are a private company, the impact is on their company.
Or if Elon Musk launches a rival social media platform.
Council members offered Mask a seat on the Council on April 5. and Elon Musk accepts. 4 days later, on April 9, Elon Musk tweeted, "Is Twitter dead?" Parag Agarwal was anxious to contact Elon Musk.
She asked about the tweet.
Twitter's largest shareholder, An appointed member of the Board of administrators
He is still tweeting against Twitter on Twitter.
Within AN hour, Elon Musk responded
He will not join the council. Because it's a waste of time.
"I don't join the board, it's a waste of time." He commented on this on April 11 He said he wanted to take Twitter personal.
Here, you will be surprised how the text messages between Elon Musk and Parag Agarwal disclosed to the public? Are they leaking? In fact, Twitter filed a lawsuit against Elon Musk.
We will discuss later and during the proceedings, Elon Musk's script should be public.
Mainly due to litigation, we can see this text message.
On April 14, 2022, Elon Musk surprised everyone.
He announced his offer to buy the whole company.
It offered $43 billion to buy the company. Why? Experts claim that Elon Musk has joined Twitter. But as a Board member or stakeholder, engaged in discussion and wasted time, he didn't care. Want to take full control of the platform, He can shape Twitter however he wants.
Corporate personnel are a continuation of this. Public companies listed on the stock market must be very clear and through many trials, because by law if a company is registered in a stock market, they should share important details with the public.
But this rule does not apply to private companies. Private companies can hide many things from the public if they want to.
Something you are interested in When public companies are private What happened to the common shareholders?
In such cases, the company is acquiring the company must pay its shareholders.
Proposed $ 43 billion estimated at $54.20 per share. So, if you invest in Twitter, you will receive $54.20 for each share you hold.
if a private company.
How did Twitter respond to Elon Musk's offer? Jack Dorsey was delighted.
Text messages between Musk and Dorsey became public Show that Dorsey is pleased and support the idea of buying Musk's company.
But the text between the then CEO of Twitter Parag Agarwal and Elon Musk was not on a happy note. Elon Musk is disappointed with Parag Agarwal. He is slow with the proposal and trying to please people, but Kasturi wants quick results.
The tension between Elon and Parag is increasing. Musk wrote to Taylor, CEO of Twitter "Fixing Twitter via chat page won't work". April 20, 2022. Elon revealed his financial sources.
Source of funds to buy Twitter.
It was determined that $7 billion of $43 billion was due to a big safe bank loan. Morgan Stanley, Bank of America, is willing to lend.
$6 billion comes from subordinated debt. $6.25 billion in personal bank loans to Elon Musk; $20 billion will be in Elon Musk's cash, this will be in exchange for Tesla shares. $7.1 billion will be in equity from 19 independent investors.
Twitter Advisor, Goldman Sachs and JP Morgan Chase both agreed to the deal. On April 25, 2022, Twitter's board accepted the proposal.
$44 billion. But when they accepted the offer, they had some conditions. Elon Musk can't say anything negative about Twitter or Twitter employees in general to reach an agreement.
If he cannot make an agreement, he will be charged a $1 billion termination fee. This means Elon Musk canceled the offer after discussions.
He had to pay a fine of $1 billion. According to the deal, Parag Agarwal will get $39 million, Jack Dorsey will get $978 million.
This may seem like a happy ending; Elon Musk's offer was accepted.
Elon Musk will buy Twitter Other Twitter stakeholders will be happy too.
But on May 13, Elon Musk experiences buyer's remorse. That feeling you get when you shop for a new smartphone
and how you feel after buying Why do you need
Are you just spending your money?
Maybe you don't have to buy it.
This causes you a lot of discomfort.
Maybe Elon Musk is suffering too.
He kept the deal.
What is the reason for this?
Elon Musk has said that there is some news to promote
Only 5% of Twitter users are actually logged in.
He admitted that he cheated on her.
People ask him why he didn't think of it earlier.
Twitter said it had to provide proof of its rating
it's true about bots.
People believe that Elon Musk is leading to buyer's remorse,
or he wants to lower the price
or was looking for a reason to renege on the deal.
Now, Elon Musk and Parag Agarwal
There was an uproar on Twitter.
Parag Agarwal is tweeting this
The company was unable to obtain an external review of the bot
It is a threat to user privacy.
He also lists reasons for this.
And Elon Musk responded with an emoji.
How do you talk to your friends?
On May 17, Twitter filed new documents with the SEC.
They claim they have a deal with Elon Musk
will not speak negatively about the company or its employees; pending contract negotiations.
But what is he doing here?
They claim breach of contract.
In June, the SEC took the lead on Twitter
To provide information requested by Elon Musk.
Rate Spam Accounts on Twitter.
On July 7, Twitter revealed to the public
1 million bots are removed from the platform every day.
But at the same time,
 |
| Image source-google| image by-reuters |
This cannot be investigated by outside institutions
that they cannot disclose accurate information
because of the opinion of others about this information in the company,
endanger users' privacy.
The next day, Elon Musk announced it
it will terminate the contract.
He refused the contract.
In response, Twitter filed a lawsuit against Elon Musk on July 12.
Twitter says that Elon Musk is showing uncertainty to the public affecting the performance of the company.
Friends, the bill is 1 billion dollars today,
Elon Musk had to pay to get out of the deal.
Twitter is not only
Instead, Twitter wants Elon Musk to make a deal.
Must pass the purchase offer.
He has breached the contract.
by badmouthing the company.
This is the beginning of the trial.
On July 29, 2022
Elon Musk filed a lawsuit against Twitter
Twitter did not release details.
He misled the opinions of Twitter investors
but also, to navigate the wrong spam and bot accounts.
It is important to note here how
It is important to be a good leader when making such offers.
It is important to have good communication skills.
For that, I would like to recommend two books here.
1: Art of Communication.
2: The Leader in You.
It's in leadership.
Now back to the topic.
August 23, 2022
A new player enters the story
and Elon Musk found a new reason.
Full report by Peter "Midge" Zatko
revealed to the world.
He accused Twitter of lying
have a strong security plan,
he said he had warned his friends
half of the company's servers were down
Outdated and vulnerable software. "
Who is Peter "Midge" Zatko?
He is Twitter's former head of security.
He was fired in January 2022 due to poor performance. July 6 After joining the non-profit Whistleblower Help,
Filed a complaint against Twitter with
Federal Trade Commission of the US Department of Justice,
He claims that Twitter follows ethical security practices
and content management policy
And that tweet was Elon Musk's bit by displaying a fake bot token. Zatko also said that Twitter should be aware of threats from foreign agents.
Chinese agent mentioned and what is the pressure of this company under hiring an Indian.
Twitter responded
Zatko is an angry former employee
He was upset about being fired.
Zatko was fired in January
"For ineffective leadership and poor performance".
That he is trying to create a false narrative,
by making false accusations against him.
Elon Musk sees an opportunity
and posted a second cancellation letter on Twitter.
Elon Musk says he has the first cancellation letter he sent
and the reasons mentioned therein for the error in the bot number; movement It is also the second termination letter the reason for this is Zatko's accusation.
That's why he didn't want to sign the contract.
Meanwhile, news leaked from Elon Musk
He announced that Elon Musk was trying to back out of the deal
Because of concerns about World War III.
He feared the start of World War III.
United States Senate Judiciary Committee
He agreed to a hearing on Zatko's charges on September 13.
4 days before that, on September 9th
Elon Musk sent his third termination letter.
He cited a third reason for not wanting to sign a deal with Twitter.
Again, he referred to the previous 2 cover letters but not enough to convince people,
He wanted to give a third reason why he didn't want a deal.
On the one hand, Elon Musk is trying to distance himself from Twitter, Zatko, on the other hand, made accusations one after another.
This may sound like bad news for Twitter.
But legally, Twitter is in a better position.
On October 3, 2022, Elon Musk's legal team notified him. He said it would be difficult to challenge the court.
There are no drastic changes on Twitter
in terms of business, finance or valuation.
Therefore, there is no clear reason to reject the contract.
After this conversation, on the next day, October 4,
Elon Musk has taken a U-turn
and reported via Twitter
A $44 billion bid to buy Twitter is still in use.
This is interesting
Elon Musk had to appear in court just 2 days later.
Twitter lawyers asked Elon Musk.
Earlier, Elon Musk accepted that his previous proposal was correct. October 20, 2022
Employees on Twitter listed the problem.
The Washington Post reported 75% of Twitter employees
Can be fired by Elon Musk. But this employee was before Board member Elon Musk Anyway, they want to lay off 25% of the staff
By the end of 2023.
So, they don't mind selling the company to Elon Musk.
Twitter staff wrote an open letter protesting Elon Musk's takeover of Twitter. By saying this, they show disapproval It won't help Twitter in the future.
But on October 27, 2022,
The deal was eventually closed.
Elon Kasturi has officially bought Twitter.
"Deal done!
"Twitter sold to Elon Musk."
"After months of legal battles,
and changed the name of Twitter to Perdana Tweet. "
"Let's dive in!"
News of chief executive officer Parag Agarwal's resignation unfolded quickly.
He is conjointly the business executive and Chief Legal Officer the General Council was conjointly laid-off.
Security came and took them away.
Elon Musk is the new chief executive officer of Twitter.
Make your plan for public Twitter.
They were really surprised.
He shared this idea first
It wants to make Twitter like China's WeChat app. People can't just tweet,
Comment below!
0 Comments