Elon Musk buying Twitter
Elon Musk has reportedly told potential investors that the social media site may be returned to public hands after a few years as he moves forward with his proposal to buy Twitter for USD 44 billion.
According to those familiar with the situation, Musk stated that he planned to conduct Twitter’s initial public offering (IPO) as soon as three years after purchasing the company.
With this in mind, the entrepreneur has discussed his future plans for the site with a variety of stakeholders, including private equity groups that may be interested in participating in the transaction. According to them, Apollo Global Management is one of the potential participants.
The acquisition is likely to be completed by the end of the year, pending clearance from Twitter’s shareholders and applicable regulators.
A growth for Twitter with Elon Musk
Musk’s offer to buy Twitter for USD 54.20 a share means it might become one of the most valuable privately held companies in the world. At the same time, the multibillionaire says that the takeover is primarily intended to support free expression rather than benefit himself.
“In comparison to its contemporaries, Twitter isn’t a tremendously valuable firm.” It has a market capitalization of [USD] 37.5 billion and 217 million daily active users, putting it well behind most of its social media competitors,” according to a recent newsletter from the crypto podcast Bankless.
However, Twitter serves as a portal to cultural relevance. Unlike Facebook and Instagram, where users can add/follow others, its open ecosystem architecture is analogous to a public town square where everyone’s voice can be heard. It’s why crypto has been so successful, “the newsletter stated.”
Elon Musk with an NFT for a profile picture
Musk also updated his Twitter profile picture to a collage of the popular Bored Ape Yacht Club (BAYC) non-fungible coins today (NFTs).
It appears that this image is a stock photograph. At the center is the Ape #5809, which is presently valued at ETH 85 (USD 243,430). This bid comes after a significantly smaller one of ETH 6.64. After days of inaction, the highest bid was put in at 11:00 UTC today.
At 11:42 UTC, Apecoin (APE), which was created by Yuga Labs, was trading at USD 15.59, up about 1% in a day and down 13.3% in a week. The coin soared from USD 14.54 to USD 17.46 at one point today, before dropping to its present position.