Have you ever had a dream like this? When you have the money, buy your favorite social software, and then make various settings according to your preferences...
Recently, Twitter fell under Musk's "banknote ability", after all, he gave too much... Who can say no to $44 billion...
01
Musk: I'm going to unlock twitter's potential
From coming up with this shocking deal to formalizing it took Musk less than two weeks. He said Twitter has "great potential" and he will release it to the vast number of netizens to see. He also called for a range of changes, from easing content restrictions to eradicating fake accounts.
Twitter Board Company initially rejected Musk's offer but now requires shareholders to vote to approve the deal.
Musk is the world's richest man, according to Forbes magazine, with a net worth valuation of $273.6 billion, largely thanks to his stake in Tesla, the electric car manufacturing company he runs. He also leads space company SpaceX.
Announcing the agreement, Musk said in a statement: "Freedom of speech is the cornerstone of a functioning democracy. Twitter is a digital city square where people can discuss issues that are vital to the future of humanity. ”
He added: "I also want to make Twitter better, like adding new features to the product, making algorithms open source to increase user trust, beating spam bots, and verifying everyone's identity."
"Twitter has tremendous potential, and I look forward to working with the user community to unlock its potential."
The move comes at a time when Twitter is under increasing pressure from politicians and regulators to pay attention to content emerging on its platform. By mediating misinformation on the platform, Twitter drew criticism from political circles.
One of its most notable moves was that last year it banned former U.S. President Donald Trump from using Twitter, citing the risk of "inciting violence."
Trump told Fox News on Monday that he had no plans to rejoin the platform.
The White House declined to comment on the acquisition, but spokeswoman Jane Pasha told reporters: "Regardless of who owns or operates Twitter, the president needs to be constantly worried about the power of large social media platforms."
Julian Knight, MP of the UK's Digital, Culture, Media and Sports Council, tweeted that Musk's deal was "an exceptional development in the world of social media." It's interesting to see how a privately owned Twitter run by an absolutist view of free speech will respond to global regulatory initiatives. ”
BBC environmental analyst Roger Hellabine said scientists were nervous about the potential impact of the acquisition on the climate topic. He noted that Twitter announced last week that it would ban ads that deny scientific consensus on the climate crisis. Twitter acknowledges that misleading information undermines efforts to protect the planet.
02
Controversial history
Musk has more than 80 million followers on Twitter, but he himself has a controversial history on the platform.
In 2018, U.S. financial regulators accused him of misleading Tesla investors on Twitter, and Musk settled the allegation with a $40 million settlement, but Musk continued to deny that he misled investors. In 2019, Musk was subjected to a defamation lawsuit for claiming that a diver involved in the rescue of a Thai student was a "pedophile" on the platform, and ultimately won.
On Monday, Musk, known for clashing with journalists and blocking critics, hinted that he saw Twitter as a forum for debate.
"I hope that even the harshest critics of me will continue to stay on Twitter and use Twitter, because that's what free speech means." He wrote hours before the takeover agreement was announced.
03
Can Musk reverse Twitter's decline?
The acquisition, which is expected to close later this year, will be delisted and privatized as part of the takeover deal.
Musk said it would give him the freedom to make the changes he wanted to the company.
He also made other suggestions, such as allowing Twitter to publish longer articles and introducing editing features after the article was published.
Twitter shares rose 5 percent at Monday's close after the deal was officially announced.
But the price is still below Musk's bid of $54.2 per share, suggesting Wall Street thinks his bid for Twitter's takeover is too high.
Musk has said he does not "care about the economic benefits of the acquisition." Still, he will take over a company with fluctuating financial performance.
Despite its enormous influence, Twitter has rarely been profitable, and user growth has slowed in recent years, especially in the United States.
Twitter was founded in 2004. As of 2021, it has revenue of $5 billion and 217 million daily users worldwide, which is not much compared to other platforms such as Facebook.
Twitter board chairman Brett Taylor said the company had fully evaluated Musk's offer, which was "the best way forward agreed by Twitter shareholders."
It's unclear who will lead the company forward. Twitter is currently led by Parag Agravar, who has taken over since Last November from Twitter's co-founder and former boss Jack Dorsey.
But Musk told Twitter's board: "I don't have confidence in being in management."
Agravar told employees on Monday that Twitter's future is uncertain. According to Reuters, Agravar said: "Once the transaction is completed, we don't know where the platform will go."
04
Musk's acquisition of Twitter began and ended
Musk locked in the acquisition of Twitter at an alarming rate. In early April, he became the largest shareholder of the company with a 9.2% stake.
He was subsequently invited to join Twitter's board, but he rejected the offer, saying he wanted to "unleash" Twitter's potential as a bastion of free speech.
Twitter tried to block his takeover, threatening to dilute the shares of anyone who bought more than 15 percent of the company's shares. However, Twitter's stance shifted after Musk disclosed more financial details about his proposed acquisition.
Musk has raised $25.5 billion in financing for the deal and will hold a $21 billion stake in Twitter. The Board of Directors unanimously approved the Takeover Agreement, which will now be submitted to shareholders for voting.
05
Elon Musk: Twitter's new king
The speed of the acquisition has left many in Silicon Valley feeling dizzy.
Elon Musk is the absolute king of Twitter.
He himself has said that the acquisition has nothing to do with the "economy" but with power and influence. By taking the company private, he will have full control over Twitter.
He has the right to do whatever the company wants, which would mean much looser regulatory policy. He also said he would make his algorithm public so that people could better understand how Twitter works.
The move opened the door for Donald Trump to return to social platforms. Still, Trump says he's now more willing to use his social media platform, Truth Social.
The danger twitter faces now is that unfettered free speech on social media could quickly make Twitter a very ugly platform.