After much speculation, skirmishes and long negotiations, it has become official as American businessman and billionaire month-old Elon Musk has purchased Twitter in a fictional deal valued at $44 billion, or $54.20 per share.
Why did Elon Musk decide to buy Twitter?
Why did the famous businessman, owner of the electric car company Tesla, decide to take that step and buy the famous social networking site? According to Musk, the move is about protecting freedom of expression.
“Freedom of expression is the bedrock of a functioning democracy, and Twitter is the digital city arena where matters vital to the future of humanity are discussed.” “I also want to make Twitter better than ever by improving the product with new features, making open source algorithms to increase trust, defeat spam bots, and authenticate all humans. Twitter has tremendous potential – I look forward to working with the company and the user community to unleash its potential.”Elon Musk
According to the newspaper of The Hollywood Reporterand at TED 2022, Elon Musk said it's really essential that people have the reality and the perception that they are able to speak freely within the limits of the law.
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At the time, Musk insisted that this was not a move to make money but that having "a public platform that is highly trusted and widely inclusive is critical to the future of the human race."
Concerns about Elon Musk's purchase of Twitter
Some critics have argued that Elon Musk will allow users who have been banned to return to the platform and possibly say things that are dangerous to the public. Employees are also reported to be concerned about the deal. But Musk said Twitter would be bound by all the rules and by law.
Musk has previously sparked controversy in several instances on Twitter, particularly tweets related to Tesla. According to CNBC, he was under investigation after he tweeted in 2018 that he had taken $420 per share in funding to make Tesla private, with the SEC accusing him of securities fraud.
Will Donald Trump return to Twitter?
Will Elon Musk allow the likes of Donald Trump to return to Twitter after the social network banned it last year? Musk said he generally preferred temporary over permanent disqualification, but did not comment specifically on the case of the former US president, who launched his own social network - the Truth Social - earlier this year.
In fact, Trump made a statement to Fox News that he would not return to Twitter even after he was sold to Musk.
"I don't use Twitter, I'll stay on Truth." "Hopefully Elon Musk will buy Twitter because he's going to make improvements to him and he's a good guy, but I'm going to stay on that platform."
What changes does Musk plan to make?
Elon Musk hasn't announced any concrete plans related to Twitter, so it's too early to judge the purchase. And it can really do some good for the social platform. Notably, Musk added the ability to edit tweets and allow more people to verify their accounts. But some remain skeptical about Musk's potential long-term impact on Twitter.