Elon Musk has acquired Twitter

Twitter has agreed to be acquired by Elon Musk, the billionaire CEO of Tesla Motors and SpaceX. The Board accepted an offer of $54.20 per share, an overall purchase price of around $44 billion. This follows a day of rumors that the bid would be successful after Musk managed to put together funding from a variety of sources including Morgan Stanley Bank.

This represents a fast-paced takeover following Musk’s decision to turn down a seat on the Twitter board earlier this month. Musk himself has more than 80 million followers on the platform. He has made “freedom of speech” his main announced motivation for acquiring the platform, although he has also said the business has “tremendous potential.”

Why we care. It’s wait-and-see time for now. Will Musk help Twitter realize its potential by applying his demonstrated business acumen, or are we on the brink of more social and political theater from someone who has had a series of run-ins with the platform as an ordinary user? People will also speculate about the possible restoration of controversially suspended or closed accounts like that of former President Trump.

Answers to these questions might help us to know if Twitter will continue to be a valuable marketing channel — or even improve. But it’s an interesting experiment to put control of so much U.S. social media effectively in the hands of two men: Zuckerberg at Meta and now Musk at Twitter.

About The Author

Kim Davis is the Editorial Director of MarTech. Born in London, but a New Yorker for over two decades, Kim started covering enterprise software ten years ago. His experience encompasses SaaS for the enterprise, digital- ad data-driven urban planning, and applications of SaaS, digital technology, and data in the marketing space. He first wrote about marketing technology as editor of Haymarket’s The Hub, a dedicated marketing tech website, which subsequently became a channel on the established direct marketing brand DMN. Kim joined DMN proper in 2016, as a senior editor, becoming Executive Editor, then Editor-in-Chief a position he held until January 2020. Prior to working in tech journalism, Kim was Associate Editor at a New York Times hyper-local news site, The Local: East Village, and has previously worked as an editor of an academic publication, and as a music journalist. He has written hundreds of New York restaurant reviews for a personal blog, and has been an occasional guest contributor to Eater.