Twitter confirms sale of company to Elon Musk for $44bn
April 26, 2022, 6:49 am

Twitter confirms sale of company to Elon Musk for $44bn

Billionaire Elon Musk (Photo: Twitter page)

The Arab News reported, citing the Associated Press, Twitter said that billionaire Elon Musk has reached an agreement to acquire the company for approximately $44 billion.

The outspoken Tesla CEO, the world’s wealthiest person, has said he wants to buy Twitter because he thinks it’s not living up to its potential as a platform for “free speech.”

He says it needs to be transformed as a private company in order to build trust with users and do better at serving what he calls the “societal imperative” of free speech.

Twitter said it will become a privately held company after the sale is closed.

Its CEO Parag Agrawal said in a tweet: “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.”

🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022

Musk describes himself as a “free-speech absolutist,” although he hasn’t been exactly clear what he means by that. In a recent TED interview, the billionaire said he’d like to see Twitter err on the side of allowing speech instead of moderating it.

He said he’d be “very reluctant” to delete tweets and would generally be cautious about permanent bans. He also acknowledged that Twitter would have to abide by national laws governing speech in markets around the world.

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Musk himself, though, regularly blocks social media users who have criticized him or his company and has used the platform to bully reporters who have written critical articles about him or his company.

Twitter’s board at first enacted an anti-takeover measure known as a poison pill that could have made a takeover attempt prohibitively expensive.

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But when Musk outlined the financial commitments he’d lined up to back his offer of $46.5 billion — and no other bidders emerged — the board opened negotiations with him.

Source: arabnews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.