'Tax the Rich' Trends Again After Elon Musk Buys Twitter for $44 Billion

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Elon Musk's Twitter takeover has stoked the 'tax the rich' rallying cry on the Internet once again.

Ever since Musk's takeover of Twitter was announced, many social media users expressed their apprehension that it did not augur well for the general public. (Photo: Reuters)
Ever since Musk's takeover of Twitter was announced, many social media users expressed their apprehension that it did not augur well for the general public. (Photo: Reuters)

Elon Musk buying Twitter for around $44 billion has once again started the rallying cry of “tax the rich" on the Internet. Ever since Musk’s takeover of Twitter was announced, many social media users expressed their apprehension that it did not augur well for the general public as the world’s richest man now possesses even more power. “Tax the rich" is not going around Twitter for the first time by any stretch of imagination, but Musk’s takeover of Twitter has added a fresh dimension to it. US Senator Elizabeth Warren, who has often sparred with the billionaire Tesla boss, tweeted, “This deal is dangerous for our democracy. Billionaires like Elon Musk play by a different set of rules than everyone else, accumulating power for their own gain. We need a wealth tax and strong rules to hold Big Tech accountable."

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    An entity owned by Elon Musk offered $54.20 per share in cash to acquire Twitter. Musk has bought Twitter for around $44 billion. With this, Twitter will now be a a privately held company.

    “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders," said Bret Taylor, Twitter’s Independent Board Chair.

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      Talking the price per share, the stockholders will get $54.20 in cash for each of the share which is a 38% premium to Twitter’s closing stock price on April 1, 2022.

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