This comes as microblogging platform Twitter on Tuesday announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.
“I wish Elon Musk the very best,” Chandrasekhar who is also minister of state for skill development and entrepreneurship said. “Our goals and expectations of accountability, safety and trust of all intermediaries operating in India remain unchanged.”
In a statement on Tuesday, Musk said he wanted 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.
“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it,” Musk said.
He went on to add that 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.”
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Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, 2022, which was the last trading day before Musk disclosed his approximately 9% stake in Twitter.
