Elon Musk is buying Twitter: Full story in 10 points
Elon Musk now owns Twitter entirely. The microblogging platform accepted Musk’s billion-dollar deal after evaluating it for over a week. Initially, CEO Parag Agrawal and the board were somewhat against the Musk takeover initially, but it is reported that the pressure from shareholders pushed them to make the decision in Musk’s favour. The Tesla CEO is now the owner of Twitter.
A lot has been happening between Musk and Twitter since he purchased a 9.2 per cent stake in Twitter. It is now clear that Musk always wanted to get a 100 per cent stake in the company and take it private. Rejecting the offer of being part of the board was a part of the plan.
Now that Musk is officially the owner of Twitter, here’s a quick look at where it all started and where it is heading.
1. It all started when Musk pitched the idea of launching a social media app because Twitter, he believed, doesn’t adhere to the basic principle of free speech.
2. Cut to, Musk now owns Twitter completely. With Musk buying the platform, Twitter became a private company. The billionaire believes Twitter has great potential and he wants to unlock it. Co-founder Jack Dorsey has supported Musk’s Twitter deal. He believes that Musk buying Twitter is a step in the right direction for the platform.
3. Twitter has been sold to Musk for approx. $44 billion, which is around $54.20 per share, and all of it in cash. The board was in talks with the billionaire to sweeten the deal, but as Musk previously said, his offer was the “best” and “final”.
4. Earlier this month, Musk purchased a 9.2 per cent stake in Twitter. This made him the second-biggest shareholder in the company. The first one being Vanguard with 10.3 per cent stake in Twitter. After buying Twitter, Musk said that he wants to make the platform “better than ever”.
5. Twitter CEO Parag Agrawal also offered Musk to be a part of the board, which the Tesla CEO rejected without really stating the reason. Probably, Musk always had eyed to get 100 per cent stake in the company.
6. Musk believes Twitter has a lot of potential and he wants to unlock them all. “This is not a way to sort of make money. My strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important,” he said during the TED 2022 conference in Vancouver.
7. The billionaire often questioned Twitter for censoring some voices. Musk always believed Twitter doesn’t adhere to the basic principle of “free speech”. So, first and foremost we can expect him to take measures to better the content moderation policy on the platform.
8. Musk is likely to bring is in the much-awaited Edit button very soon. Twitter has already announced the coming of the edit button, but Musk taking charge may push the launch to an early date. The edit button is expected to first release for Blue users, followed by everyone else.
9. Elon is also expected to actively work towards removing spam accounts or spambots from the platform. He thinks spambots are the “most annoying thing”.
10. Musk also wants to make Twitter a more open-source platform. During the recent TED conference, Musk said that Twitter should be more open source as “there’s no sort of behind-the-scenes manipulation, either algorithmically or manually.”
Musk owning Twitter is worrying employees. During a recent townhall, Twitter CEO said he doesn’t know which direction the company is headed. “Once the deal closes, we don’t know which direction the platform will go,” he told employees, as reported by Reuters. He did assure that there are no plans for layoffs at the moment.
Read the full article at: indiatoday.in