Fakoyejo OlalekanThe market valuation of Twitter rose by 0.66 per cent after trading on Thursday, as world’s richest man, Elon Musk, revealed his plans for the social media company a day to court takeover deadline.
Musk had outlined his takeover plan, stating that Twitter’s advert model will change, as ads with information and also entertaining will be considered as relevant.
He said low relevancy ads are spam, “I also very much believe that advertising, when done right, can delight, entertain and inform you; it can show you a service or product or medical treatment that you never knew existed, but is right for you.
“For this to be true, it is essential to show Twitter users advertising that is as relevant as possible to their needs. Low relevancy ads are spam, but highly relevant ads are actually content!
“Fundamentally, Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise. To everyone who has partnered with us, I thank you. Let us build something extraordinary together.” Musk wrote.
Hours after his statement, Prime Business Africa gathered that Twitter’s share went up 0.66 per cent, as demand for the firm’s stock jumped, causing the share price to hit $53.70, from $53.35, nearing the $54.20 Musk offered per share to acquire the social networking site.
As a result, the market valuation of Twitter was up by $2 billion, rising to $41.09 billion, from $40.82 billion. However, it has risen by $3.46 billion from the $37.63 billion it was valued a day after the Delaware Chancery Court judge ruled on October 6 that Musk should either buy the firm by October 28 or face court trial.
Note that Musk had also said that he bought Twitter to promote freedom of speech, and not to increase his wealth, as he said limiting people’s opinion will cause more hate and division.
Follow Us