Twitter accepts Musk's acquisition: may open source algorithm and accept Dogecoin payment

US social media company Twitter announced on Monday (April 25) that its board of directors has accepted an acquisition deal proposed by billionaire Tesla founder Elon Musk and an offer to take Twitter private.

According to a press release from Twitter, Musk will buy the company for $54.20 per share in cash, with a total value of approximately $44 billion. After the transaction is completed, Twitter will become a private company.

Musk responded with a simple statement on Twitter: "Free speech is the cornerstone of a functioning democracy, and Twitter is the digital town square where people can discuss matters that are important to the future of humanity." "We hope to make Twitter better than ever by enhancing the product with new features, making the algorithm open source to increase trust, defeating spam bots, and authenticating everyone. Twitter has huge potential - I look forward to working with the company and user community to unlock the future."

Musk's proposed acquisition of Twitter has been unanimously approved by Twitter's board of directors and is expected to be completed later this year. The statement said Musk has obtained $25.5 billion in fully committed debt and margin loan financing and will provide approximately $21 billion in equity commitments to complete the transaction.

Bret Taylor, independent chairman of Twitter's board of directors, said in a statement that the Twitter board of directors has carefully and comprehensively considered Musk's proposal, especially in terms of M&A value, certainty and financing. "The proposed transaction will bring a significant cash premium, and we believe this is the best development path for Twitter shareholders."

The Wall Street Journal said that if the acquisition is successful, it will be one of the largest acquisitions in technology history and could have a global impact on the way billions of people use social media in the coming years.

The price of Dogecoin surged by about 27% after the news that Twitter accepted Musk's acquisition proposal. Musk has always been a supporter of cryptocurrencies. In addition to talking about Dogecoin, his Tesla company is one of the largest corporate buyers of Bitcoin. Earlier this month, Musk also made a series of suggestions for Twitter's Twitter Blue subscription service, including price cuts, banning ads, and allowing users to pay with Dogecoin.

Shibetoshi Nakamoto, the founder of Dogecoin, tweeted that he hopes to add practical functions to Dogecoin: 1. Improve the commercial application of Dogecoin 2. Use Dogecoin as a tipping currency 3. Build a bridge between Dogecoin and Ethereum to allow it to be used with Web3. Musk responded that the first one is a yes, the second one is great, and the third one is not needed.

Perhaps soon, we will be able to see Dogecoin on Twitter.

However, after Musk takes over Twitter, he will face a series of unresolved issues: Who will be the new CEO of Twitter? How much control will Musk have? How to achieve freedom of speech on Twitter? ... We will continue to pay attention.