Twitter’s board has accepted a roughly $44bn offer to sell the company to Elon Musk that would result in the world’s richest man seizing control of the influential social media platform.
Announcing the deal, Musk said “free speech is the bedrock of a functioning democracy” and described the social media platform as “the digital town square where matters vital to the future of humanity are debated”.
Musk’s take-private of Twitter could turn the chief executive of Tesla, who has used the platform to attack regulators and critics, into a new-age media baron given that millions of people rely on the San Francisco-based platform for news.
Shareholders of the platform will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the transaction. The purchase price represents a 38 per cent premium to the company’s closing price on April 1, the day before Musk revealed he had built a 9 per cent stake in the company.
Musk said he wanted to make Twitter “better than ever” by introducing new features, making its algorithms open source, stamping out bots and authenticating “all humans”.
Do you think Musk’s ownership of Twitter will make the platform better or worse? Send your thoughts to firstft@ft.com. Thanks for reading FirstFT Asia — Emily
The latest from the war in Ukraine
Transnistria: Explosions struck the building housing the security services of the breakaway Moldovan republic of Transnistria, days after Moscow said the Russian-backed region could be drawn into the war in Ukraine.
Diplomacy: The US has pledged to resume diplomatic operations in Ukraine and said it wanted to see Russia “weakened” by its continuing war after a stealth trip to Kyiv by the secretary of state and defence secretary.
Russian military: Moscow’s forces have shifted their attention to the eastern region of Ukraine, with many predicting a brutal and bloody onslaught.
Opinion: Russia’s invasion of Ukraine looks increasingly likely to lead to Finland and Sweden applying to join Nato. But Stockholm is reluctant as it inches towards the western military alliance, writes Richard Milne.
Five more stories in the news
1. Beijing gripped by panic buying as Covid cases rise Beijing residents emptied supermarket shelves of meat and vegetables and non-perishable foods as they brace for a Shanghai-style lockdown. Beijing reported just 41 cases over the weekend, but city health officials called the situation “grave” as evidence emerged of days-long community spread of coronavirus.
Markets news: US stocks rebounded late on Monday after concerns about new lockdowns in China and fears of a slowdown in economic growth pushed investors to search for safety earlier in the day.
2. Human rights award suspended over Hong Kong security law fears The Hong Kong historic Foreign Correspondents’ Club has decided to halt the Human Rights Press Awards over fears they could break the Chinese territory’s tough security law.
3. Indonesia palm oil export ban fuels global food inflation threat Palm oil prices shot higher and the Indonesian rupiah lost ground yesterday after Jakarta levied a blanket ban on exports of the edible oil in a bid to contain surging food prices as a result of the war in Ukraine.
4. Sri Lankan businesses struggle to remain open as fuel prices rise A surge in fuel prices that has exacerbated the highest inflation rate in the Asia-Pacific region, with authorities concerned supplies may run out as they negotiate an IMF bailout. The island nation of 22mn is going through its worst debt and economic crisis in decades.
5. Le Pen vows to stick around despite third failed presidential bid In Marine Le Pen’s concession speech, the 53-year-old suggested she was not ready to give up the mantle of opposition leader to the newly re-elected Emmanuel Macron. Le Pen said she would “never abandon the people” and vowed to fight on in June legislative elections.
Go deeper: Explore Emmanuel Macron’s election victory over Marine Le Pen in charts.
The day ahead
South Korea GDP data Economists expect data to show that growth slowed significantly in the first quarter as Covid-19 precautions damped consumer spending. (Reuters)
Results Earnings are expected for companies including 3M, Alphabet, GE, General Motors, HSBC, Microsoft, Nomura, Novartis, PepsiCo and UBS.
What else we’re reading, listening and watching
US-China Tech Race: brave new world In this episode of the Tech Tonic podcast, James Kynge discusses how a mysterious death in Belgrade prompted Serbia to embrace Chinese surveillance technology, raising concerns among Serbian human rights and privacy activists.
Lunch with the FT: Historian Romila Thapar At 90 years old, Thapar has a claim to be India’s greatest living historian. Over lunch in Delhi she weighed in on prime minister Narendra Modi, what Mahatma Gandhi told her — and her country’s attitude to the war in Ukraine.
Macron’s victory masks France’s ‘fragility’ In electoral victory that might seem a landslide in another country — Macron beat Le Pen by 58.5 per cent of the vote — disguises the reality that the nationalist, Eurosceptic, anti-immigration far right is stronger than at any time since the second world war. French society remains deeply divided.
How to handle a narcissist in the workplace The behaviour of the late publishing magnate Robert Maxwell provides an object lesson in the psychology of extreme power. Do you work with difficult — even narcissistic — colleagues? Here are some simple techniques to help you manage workplace anxiety.
For more from our Work & Careers desk, sign up to our new Working It newsletter.
How London became the dirty money capital of the world Russian oligarchs and companies have been investing in London for two decades, encouraged by British politicians of all stripes, but critics say the “London laundromat” cleans dirty money from Russia and across the globe. The FT examines why it took Russia’s invasion of Ukraine to put the issue in the spotlight.
Food & drink
Andy Baraghani made his name as a YouTube chef. Deemed the “the internet boyfriend of our dreams” by Out magazine, he’s back with a book and tastier than ever. This May sees the release of his debut cookbook The Cook You Want to Be.
Source: Economy - ft.com
