Elon Musk bought Twitter for approximately $44 billion, raising questions about the future of the social media platform.
Black Twitter users were among the many people wondering how the deal will affect their online experience. Elon Musk’s purchase makes Twitter a privately held company, which creates a shift in the dynamics of one of social media’s biggest platforms.
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Elon Musk said in a press release. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans.”
He added, “Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
Elon Musk’s takeover made some Black Twitter users consider leaving the platform with hopes that an alternative would emerge. Others hoped the billionaire wouldn’t enact any drastic changes.
One thing is certain: Twitter stockholders are cashing out in the deal. Its shareholders will be receiving $54.20 for each share of common stock.
“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” Twitter’s Independent Board Chair Bret Taylor said. “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Amid all of the uncertainty, Black Twitter still had plenty of jokes and hot takes about Elon Musk’s social media maneuvering. Like any big news story, the mix of commentary and memes was on full display.
Check out some of the reactions to Elon Musk buying Twitter below.