👉 Background: Quick recap, in the past few weeks Elon has:

• Bought a whopper 9.2% stake in Twitter 🛍
• Rejected the board seat he was offered 👎
• Offered to buy the whole damn company 💸

👉 What happened: Twitter's board didn't like the sound of that, so they enacted a shareholder rights plan called the poison pill to call Elon's bluff.

👉 What else: Except it wasn't a bluff. Founder Jack Dorsey and the rest of the board were under pressure to negotiate with ol' Musk, so they did. They've now accepted his $US44 billion proposal and share prices jumped 6% on the news.

🔔 What's the key learning?

💡 Over the years, we've seen commercially-savvy billionaires either innovating into media, or buying their way into under-performing media companies. And it ain't for the financial upside...but for the influence.

💡 Bezos bought The Washing Post (for its 'important role' in democracy), and Salesforce CEO Marc Benioff bought Time Magazine (to 'unshackle' it from financial constraints) 🙄. Now, Elon is buying Twitter.

💡 While there have been positive changes to these outlets for the most part, there's a risk that new, powerful ownership can influence political discourse or media coverage. So Musk's move could shape how billions of people use social media going forward.