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Elon Musk has won. The billionaire has succeeded in reaching a deal with Twitter's board, so much so that Bret Taylor, Twitter's Independent Board Chair, called the process "thoughtful" and "comprehensive."
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While it's unclear what Musk's first call to action will be, he has talked at length about free speech, making many clutch their pearls about some policies that he might be rolling back.
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Below are the tech stories and news you need to know to start your day, carefully curated by Technext.
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Summary of the news
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- Twitter has agreed to Elon Musk's takeover deal
- Stitch has launched LinkPay, a one-click payment product for faster transaction
- Stock tied to Donald Trump’s social media venture falls 12% as Twitter announces deal with Musk
- Meta is opening its first retail store next month
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Twitter agrees to Elon Musk takeover deal
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After weeks of negotiations and controversies, Twitter's board has finally accepted Elon Musk's deal to buy the company, Technext reports. Sold at $54.20 per share in cash, the company made the announcement in a statement Monday evening.
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"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 Mr. Musk disclosed his approximately 9% stake in Twitter," the statement says.
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Bret Taylor, Twitter's Independent Board Chair, called the process that lead to the deal "thoughtful" and "comprehensive."
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"The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing," he said, adding that "The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders."
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Parag Agrawal, Twitter's CEO, said in the statement that he is "deeply proud of our teams and inspired by the work that has never been more important."
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Stitch launches LinkPay, a one-click payment product for faster transaction
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South African fintech, Stitch has launched LinkPay, a one-click payment platform, offering an indigenous product that allows African users make payments online with a single click, Technext reports.
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LinkPay enables Variable Recurring Payments and allows supporting businesses in South Africa and Nigeria experience a fast and more secure payment method.
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LinkPay can also be integrated alongside Stitch Payouts and financial data products to enable a complete linked account journey, including verified payment, refunds and withdrawals.
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Stitch, founded in February 2021 with offices in Capetown and Johannesburg, South Africa, is an API fintech company that provides businesses with an easier way to launch, optimise and scale financial products in Africa.
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Stock tied to Donald Trump’s social media venture falls 12% as Twitter announces deal with Musk
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The stock had fallen more than 12% Monday, bringing its year-to-date losses to over 30%. The special purpose acquisition company is on track to merge with the former president’s Trump Media & Technology Group.
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The media venture includes a social media platform called Truth Social, which launched on the Apple App Store in February. Trump’s company is being marketed as an alternative to social media giants Twitter and Facebook, both of which banned him on the grounds of inciting the Jan. 6, 2021, riot at the U.S. Capitol. But the new platform has had a choppy start, plagued by technical glitches and the departure of key executives.
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Meta is opening its first retail store next month
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Meta is launching its first hardware retail store on its campus in Burlingame, California, The Verge reports.
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Meta’s store will include a demo area for Portal where users can test its video calling features with a store employee. There’s a space to test several Quest 2 demos, including Beat Saber, GOLF+, Real VR Fishing, and Supernatural, and visitors will take home a 30-second mixed reality clip showing them playing a game.
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They can also try on different styles of the Ray-Ban glasses, which capture and share video with built-in cameras, and test their capabilities before buying. Meta is also adding a “Shop” tab to its website, making it easier to find all its products in one place online.
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Latest in funding
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Other stories we are following
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