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elon musk agreed on Monday Biggest deal to buy Twitter for about $44 billion and take the company private at least once every two decades.
The scrutiny is likely to be intense. Twitter isn’t the biggest social platform – it has more than 217 million daily users compared to billions for Facebook and Instagram – but it has played a huge role in shaping narratives around the world. Political leaders have made it a megaphone, while corporations, celebrities and others have used it to sharpen images and make money.
The takeover of Mr. Musk has sparked concerns that the world’s richest person has control of an influential communications platform. A director of a women’s rights organization called it “a largely slippery slope”
Twitter’s board of directors unanimously approved the deal. Here’s what’s next for Twitter:
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Shareholders will vote on whether or not to accept the deal. It will also be reviewed by regulators, but they are unlikely to seriously object to the processingFormer antitrust officials said the government intervened most often to stop a deal when a company was buying a competitor.
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The deal is expected to take three to six months to close, according to Twitter CEO Parag Agrawal. He told Twitter employees According to two people who attended a public meeting and were not authorized to speak in public, he will remain in office, at least until the deal is closed. It also urged employees to “use Twitter as we always do”.
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Mr Musk has repeatedly said he wants to “transform” the platform. promoting greater freedom of speech and gives users more control over what they see on it. On Monday, it said it will focus on “new features that open source algorithms to increase trust, defeat spam bots and authenticate all people.”
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Managers tried to reassure employees that they wouldn’t be missing out with Mr. Musk’s purchase. Mr. Agrawal told them the stock options would turn into cash once the deal with Mr. Musk was closed. For a year after the deal was completed, employees would receive the same benefits packages, and there were no immediate plans for layoffs, he added.
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Conservatives who feel unnecessarily silenced by social media platforms Cheerful at the news of Mr Musk’s deal. Mr. Agrawal was asked by staff whether he would reinstate former President Donald J. Trump, who was suspended from service after the January 6 riot at the Capitol. Mr. Agrawal delayed and had Mr. Musk answer the question when he took over the company. On behalf of Mr Trump, he said Fox News He will continue to post on his own social network on Monday, Real Social.
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