Update on May-13-2022 – Elon Musk Says His $44 Billion Twitter Deal Is ‘On Hold’
Elon Musk Buys Twitter
Elon Musk, the entrepreneur behind PayPal, Tesla, and SpaceX has acquired another company – Twitter. If you’re thinking “Really!?”, then you’re not alone. This is not the first time that a successful entrepreneur has acquired a struggling company and it isn’t the first time that someone has acquired Twitter but it is a little bit unique. We’ll look at the reasons why Elon Musk acquired the Twitter company, what he might do with it, and why it could be a great move for Musk and Twitter.
The 11 members board of Twitter Inc. on Monday (25-Apr-2022) accepted Elon Musk’s bid offer of $44bn (£34.5bn) to take over the company which would give the world’s richest man control over the social-media network where he is also among its most influential users.
Twitter Inc, founded in 2004, ended 2021 with $5bn in revenue with over 217 million daily users globally which is one of the top social media platforms over the years. Bret Taylor, the chairperson of the company’s board, said it had fully assessed Mr. Musk’s offer and it was “the best path forward for Twitter’s stockholders”.
Why Elon Musk Shown Interest to Buy Twitter
The Microblogging firm initially rejected Musk’s bid, but it will now ask shareholders to vote to approve the deal. Elon Musk is the world’s richest person, according to Forbes magazine, with an estimated net worth of $273.6bn mostly due to his shareholding in electric vehicle maker Tesla which he runs and also leads the aerospace company SpaceX.
“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,” “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spambots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.“
The move comes as Twitter faces developing tension from legislators and controllers over the substance that shows up on its foundation. It has drawn pundits from the left and directly over its endeavors to intervene in falsehood on the stage.
In one of its most high-profile moves, last year Twitter banned former US President Donald Trump, maybe its most influenced user account, referring to the gamble of “incitement of violence”. Although Mr. Trump on Monday told Fox News he had no idea to re-join Twitter.
At the time Elon noticed: “A lot of people are going to be super unhappy with West Coast high tech as the de facto arbiter of free speech.”
Elon Musk’s Twitter Controversy
Twitter’s new owner Elon Musk, who has more than 84 million followers on Twitter, he has very familiar with his controversial tweets on the platform itself. In 2018 US financial regulators accused him of misleading Tesla investors with his tweets, claims that were resolved in a $40 million settlement and still Musk continues to deny this as a false accusation. In 2019 he was involved with a defamation suit – which he successfully defeated – after calling a diver involved in rescuing schoolboys in Thailand “pedo guy” on the platform.
“I hope that even my worst critics remain on Twitter because that is what free speech means,” he wrote just hours before the deal was announced.
Who will Lead Twitter from Now
It is not clear who will lead the company moving forward. Twitter is currently led by Parag Agrawal, who took over from co-founder boss Jack Dorsey last November. But in his offer document, Elon Musk mentioned Twitter’s board: “I don’t have confidence in management.” Mr. Agrawal told employees on Monday that the future of Twitter is uncertain. “Once the deal closes, we don’t know which direction the platform will go,” he said, according to the Reuters news agency.
Twitter’s Algorithm Opens to the Public
Musk has said that the product that figures out what individuals see and how generally satisfied spreads on Twitter ought to be aired out. He upholds putting Twitter’s calculation on GitHub, a site famous with software engineers for sharing computer code. Twitter processes billions of bits of content consistently. How and why tweets turn into a web sensation, and how Twitter’s proposal framework works, is so thick and complex that the organization’s own computer programmers can be puzzled attempting to figure out its rationale.