Elon Musk finalizes a deal to buy Twitter, many people are wondering what is going on and why. Now, Elon Musk buys twitter. Here are my thoughts about it
Elon Musk, the billionaire entrepreneur, has agreed to buy Twitter for $44 billion and take it private. Musk intends to pay $54.20 per share. Tesla’s founder recently purchased a substantial stake in the company.
Twitter’s board of directors has agreed to sell the company to Elon Musk for $44 billion. According to Forbes, Musk, the world’s richest man with a net worth of $266.8 billion, made a $43 billion bid for the social media site on 14 April.
Why is Elon Musk buying Twitter?
Musk has framed his pursuit of Twitter as necessary to preserve “free speech.” Although he hasn’t said exactly what he wants to change, he has previously been critical of Twitter, claiming that the platform stifles free speech and engages in “censorship.”
He has indicated in recent weeks that he intends to relax Twitter’s content moderation policies and scale back efforts to rid the platform of bad actors who violate the service’s guidelines. Musk has also stated that he hopes his ownership of Twitter does not cause any employees to leave the company.
“I hope even my harshest critics continue to follow me on Twitter,” he wrote on Monday. “Because that is what freedom of expression entails.”
But content moderation isn’t Musk’s only passion. Here’s what else he’s said he’d like to see changed about Twitter.
- Musk requested the addition of an edit button, which Twitter says is currently being considered.
- He wants Twitter Blue subscribers to be able to pay with his favorite cryptocurrency, dogecoin.
- Elon believes Twitter should open source its algorithm, which determines which posts are shown to which users, in order to “increase trust” in the platform.
- He claims that Twitter should eliminate the spam bots that plague its platform “or die trying,” and that it will “authenticate all real humans” with some sort of verification badge.
What will that mean for its users? Here’s what we know
Musk’s comments on free speech imply that the billionaire may loosen up rules governing how tweets are moderated. Experts, on the other hand, are concerned that a service that is already struggling to deal with misinformation and harassment will deteriorate further.
Musk has also hinted at other features he wants to implement. Just like as a system for “authenticating all humans” and attempting to rid the platform of spambots.
Twitter will almost certainly go private.
Musk has stated that one of the reasons he wanted to acquire Twitter was because he believes that the changes that need to be made to the platform can only be made if it is a private company.
Musk shares this sentiment with Twitter co-founder and ex-CEO Jack Dorsey, who tweeted on Monday that the company “has been owned by Wall Street and the ad model,” and that going private “is the correct first step.”
Despite the fact that Twitter’s board unanimously approved the sale, the transaction must still be approved by shareholders and is subject to regulatory review. CEO Parag Agrawal expects the transaction to close within the next three to six months.
Musk desires significant changes.
Musk has framed his pursuit of Twitter as necessary to preserve “free speech”. Although he hasn’t said exactly what he wants to change, he has previously been critical of Twitter, claiming that the platform stifles free speech and engages in “censorship.”
He has indicated in recent weeks that he intends to relax Twitter’s content moderation policies. This is to rid the platform of bad actors who violate the service’s guidelines. Musk has also stated that he hopes his ownership of Twitter does not cause any employees to leave the company.
What is Elon Musk going to do with Twitter?
Experts who have studied content moderation and Twitter for years are skeptical that Musk understands what he is getting into. After all, there have been a slew of “free speech”-focused platforms launched. As Twitter antidotes in recent years, largely by conservatives dissatisfied with the company’s crackdowns on hate, harassment, and misinformation. Many have struggled to deal with toxic content, and at least one has been disconnected in protest by its own technology providers.
“This move just shows how effective (moderation features) have been in annoying those in power,” said Kirsten Martin, a technology ethics professor at the University of Notre Dame. “I’m concerned about how this will affect Twitter’s values.”