Elon Musk has succeeded in his bid to take Twitter private, nearly nine years after the company’s IPO, Hope writes.

Why it matters: Where Musk takes Twitter from here could have a huge impact on how the platform grows, how users interact within it, and maybe most importantly — who’s allowed to use it.

Catch up quick: Twitter’s board accepted Musk’s offer of $44 billion in cash on Monday afternoon. 

• Musk is paying $54.20 per share and is personally responsible for around half of the financing, Axios’ Dan Primack reported.
• Shares of Twitter rose over 6% on the news and closed up 5.7% today.

State of play: While Musk has been vocal about how he wants Twitter to change, he’s proven to be unpredictable. 

• In a statement, Musk said he wants “to make Twitter better than ever."

The big picture: Most eyes will be trained on Musk's handling of content moderation.

• “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated," Musk said in a press release.

Yes, but: How he interprets free speech has many misinformation watchers concerned.

• Rep. Marjorie Taylor Greene, famously kicked off the platform in January for spreading false information from her personal account, predicted today that Musk would restore it.

What to watch: What Twitter's leadership structure will look like and how active a role Musk will play in the strategic direction of the company.

Inflation is taking a toll on summer vacations, Axios' Pete Gannon writes.

• Nearly 7 in 10 people recently surveyed by Bankrate said soaring costs were causing them to pivot to fewer, shorter and cheaper trips this summer.

Of note: For those Americans sitting out summer trips altogether, money is only one reason.

• While 48% of them said they couldn't afford it, 20% said COVID concerns drove the decision.

The bottom line: More than a quarter of those staying put this summer said they just weren't interested in a vacation. Apathy may be setting in.

🥪 The Department of Agriculture expects food prices to rise 5%–6% this year, up from 2.5% three months ago. (Bloomberg)

🛍 Meta (formerly Facebook) is opening its first retail store in May. (NYT)

China’s capital, Beijing, could be facing a strict lockdown as COVID-19 cases continue to rise, Hope writes.

Why it matters: Authorities in the country have not stepped away from their "zero COVID" policy, which has placed roughly 200 million people in a full or partial lockdown.

State of play: Beijing officials have started mass testing while residents have started stocking up on food and supplies.

• The efforts come as Shanghai, the country’s most populous city, remains in a state of lockdown, with new measures like fencing around “sealed areas” popping up.

The big picture: Any new lockdowns will add to supply chain issues and limit the country’s potential growth this year.

• China is the largest single driver of global economic growth, so the country's woes will quickly become the world's problem, Axios’ Matt Phillips and Bethany Allen-Ebrahimian have written previously.

Go deeper: China is in the middle of its worst known COVID outbreak

The Corvette roar is turning into a purr, Nathan writes.

Driving the news: General Motors announced Monday that it will make electric versions of the iconic sports car, replacing the vehicle's rumbling engine with the soft whir of an EV powertrain.

• GM president Mark Reuss said on LinkedIn that the plans include a fully electric 'Vette and an "electrified" version, which is industry parlance for hybrid or plug-in hybrid.

The big picture: Sports cars and luxury rides have been the first vehicles to go electric, so the 'Vette makes perfect sense as an EV.

What's next: The first electrified version of the Chevrolet car will arrive in 2023, GM says.

• No word on pricing or battery range.

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