content_image_d28c269c-11a8-4bbf-9bc5-7b25fd50de82New York: The world’s biggest millionaire and Tesla CEO Elon Musk has become the owner of the micro-blogging platform Twitter. Musk has completed a deal of 2 billion (about Rs 2.50 lakh crore) to buy Twitter. The entire deal will be in cash. With Musk in full control of Twitter, Twitter’s journey as a public company will end in 2014 and it will become a private company. In his first tweet after buying Twitter, Musk wrote, “Freedom of expression is the cornerstone of democracy and Twitter is the digital town square where issues important to the future of humanity are discussed.”

Twitter’s board late Monday accepted Elon Musk’s takeover of the company at a price of 2.50 per share. Musk previously owned 2.4 percent of Twitter. With this deal, he will get 100% stake in the company. All Twitter shareholders will receive 2.50 cash per share.

“I’ve always been a supporter of free speech,” Elon Musk said in his first tweet after the deal with Twitter was finally approved. I hope my biggest critics remain on Twitter. I have invested in Twitter because it has the potential to provide a worldwide free speech platform. I believe that it is very important for any democratic society to have a platform for freedom of expression. Twitter has extraordinary potential and I will unlock it.

Micro-blogging site Twitter has 212 million active users worldwide, with the highest number in the US at 25 million, followed by Japan with 25 million and India at 33 million.

According to Elon Musk, now every user’s account will have a blue tick. Spam bots will also be removed from this platform. Every user on this platform will be authenticated. There will also be an edit button on this platform soon. Its purpose is to fix any errors in any tweet. They want to build trust by keeping the algorithm open source.

Meanwhile, a rift between Elon Musk and Twitter’s board and company’s CEO Parag Agarwal has come to the fore. Musk said in an April 18 security filing that he did not trust Twitter’s management. According to a report quoting research firm Equilibrium, Twitter CEO Parag Agarwal’s name is not in Musk’s goodbook, so his sacking is almost certain.

Twitter’s Chief Technology Officer Agarwal was made CEO of the social media giant in November 2011. Parag has been associated with Twitter for the last 10 years. According to Twitter, his total return in 2021 was 2.09 million, mostly from stock awards.

“Twitter is a relevant and effective medium around the world,” Parag said in a statement after Musk bought Twitter. I am proud of my team. Parag also praised the work of his team in a tweet and said in a letter to Twitter employees that the future of the microblogging site Twitter under the nexus of Elon Musk looks bleak. Following this letter and other responses, speculation has started that he will be leaving Twitter.

However, if Elon Musk fires Parag Agarwal, the deal could prove to be more costly for him. According to the report, if Twitter CEO Parag Agarwal is fired within 12 months of taking over the reins of the social media company, the company will have to pay him a whopping ₹25 million, or Rs 200 crore.

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