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Eleven days after announcing his bid for Twitter, Elon Musk acquired the company in a US$44 billion deal. Twitter announced that the public company will become privately held after the acquisition is complete.

“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy," Elon Musk stated in a filing with the Securities and Exchange Commission.

What CEO Parag Agrawal said after Musk Twitter deal

After the news of Elon Musk Twitter takeover broke, the social media Chief Executive Officer (CEO) Parag Agrawal told employees on Monday that the future of the firm is uncertain after the deal to be taken private under billionaire Elon Musk closes. He was speaking during a company-wide town hall meeting that was heard by Reuters.

In an email to employees earlier in the day, Agrawal noted that the deal is a “significant change and you’re likely processing what this means for you and Twitter’s future." He reiterated during the meeting that the company was entering a period of uncertainty.

Agrawal reassured employees that their stock grants, which can make up a large part of compensation, will continue to vest in the meantime.

“Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important," Twitter CEO Parag Agrawal said in a tweet.

 

Jack Dorsey backs Twitter takeover by Elon Musk

Jack Dorsey, the former CEO of the microblogging site Jack Dorsey dropped a series of tweets, suggesting that he supports the move.

"In principle, I don't believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness," Dorsey tweeted.

Dorsey called Musk buying Twitter a step in the right direction for the website.

 

"Elon's goal of creating a platform that is maximally trusted and broadly inclusive is the right one. This is also @paraga's goal, and why I chose him. Thank you both for getting the company out of an impossible situation. This is the right path I believe it with all my heart," he added.

-With agency inputs

 

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