Bluesky Funding to be Analyzed on the Change of Twitter Owners

Twitter: If Twitter Inc.'s ownership changed, funding for the Bluesky effort would need to be re-evaluated, said Jack Dorsey, the company's creator, in a tweet.
Bluesky Funding to be Analyzed on the Change of Twitter Owners
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If Twitter Inc.'s ownership changed, funding for the Bluesky effort would need to be re-evaluated, said Jack Dorsey, the company's creator, in a tweet.

"Twitter doesn't own it," Dorsey replied in response to a Bluesky comment. "Funding would need to be evaluated," he says.In early trade, Twitter shares jumped 3.6 percent to $47.49. The social networking platform's shares, which were valued at $37 billion before Musk's bid, fell by nearly a third in value during the preceding year.

Bluesky's development has been gradual, he claims. The initiative's goal is to create a system that would allow numerous social networks to engage with one another.

Elon Musk announced a $43 billion hostile takeover proposal for Twitter earlier this week. To assist fight off the idea, the business enacted a so-called "poison pill" clause.

Bluesky Funding to be Analyzed on the Change of Twitter Owners
Elon Musk Wants to Own Twitter Company for $43 Billion

Elon Musk Previous Proposal For Twitter

Image Credit: Twitter

Elon Musk wants to purchase Twitter for $43 billion in cash, stating that "social Media needs to turn into a private corporation." Musk, the billionaire entrepreneur of Tesla automobiles, revealed this month that he owns 9.2 percent of Twitter and proposed in a regulatory filing on Thursday to purchase the remaining shares for $54.20 per unit.

Musk "I have invested in Twitter because I think in its potential to become a wonderful venue for free expression throughout the world, and I believe free speech is a societal essential for a functioning democracy," the filing states.

"However, after making my investment in Twitter, I've recognized that the firm, in its current shape, can neither develop nor satisfy this societal necessity."

Twitter Responds to Musk’s Proposal

Twitter Responds to Musk’s Proposal

In a statement, Twitter said, "we have received Musk's offer to acquire remaining shares, and the board will carefully consider this proposal."

In early trade, Twitter shares jumped 3.6 percent to $47.49. The social networking platform's shares, which were valued at $37 billion before Musk's bid, fell by nearly a third in value during the preceding year.

Bluesky Funding to be Analyzed on the Change of Twitter Owners
Elon Musk Reveal 9.2 Percent Holdings in Twitter in Regulatory Filing

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