Musk’s $44 billion acquisition of Twitter (Jakob Borjtsky/Getty)
The richest man in the world concluded, Elon Muskin agreement with Twitter buys $44 billion American Monday, giving him personal control of one of the most influential social media platforms.
Musk, who describes himself as a “supporter of absolute freedom of expression,” expressed his desire to reform what he saw as the platform’s excessive censorship of content. He said in a statement published by “Twitter” “Freedom of expression is the cornerstone of a functioning democracy, and Twitter is the public digital arena where topics vital to the future of humanity are discussed.” “I also want to make Twitter better than ever, by enhancing the service with new features, making open source algorithms to increase trust, eliminating bots, and authenticating all human accounts,” he added.
But several organizations have warned regarding the type of content Musk may allow on the platform, and NAACP president Derek Johnson said: “Don’t allow Twitter to become a platform for hate speech, misinformation or false information. Protecting our democracy is of paramount importance.” . “Twitter’s sale of Musk would be a victory for misinformation and its promoters. Musk might unleash a wave of toxicity and harassment, and nullify Twitter’s efforts to increase quality interactions and make its platform safer for users,” said Angelo Caruson, president of Media Matters for America. Quoted by Agence France-Presse.
Elon Musk wants to boost the service with new features, open source algorithms to increase trust, eliminate bots, and authenticate all human accounts.
A White House spokeswoman said, Jin Sakithat no matter who owns or runs Twitter, President Joe Biden Whoever uses the platform himself is concerned regarding the power of the giant social media platforms. She stressed that the White House continues to work to repeal Law 230 that protects Internet companies from accountability for the content posted by users, and supports tightening transparency and anti-monopoly procedures on technology companies.
The story from the beginning
Musk bought a 9 percent stake in Twitter in April, then offered to buy the entire company, declaring his goal to preserve freedom of expression. The company’s board of directors initially announced that it was studying his offer, but later returned and rejected it, adopting the “poison pill” plan, which made it difficult for Musk to obtain a stake that would allow him to control Twitter.
But Musk said last week that he had raised $46.5 billion in funding to make the purchase. The publicly traded company stated, in a statement, that it will become a private company owned by Mask, who negotiated a purchase price of $54.20 per share.
The CEO of the company tweeted Parag Agrawal Twitter has a “purpose and importance that affects the entire world”.
Musk’s efforts raised hopes regarding the commercial potential of Twitter, which has struggled for profitable growth despite its important place in culture and politics. And Trust Securities, in an analytical note, indicated that Agrawal, who took over as CEO of “Twitter” late last year, made progress in setting up paid services such as options for subscribing to accounts on the platform, adding that “Mask’s short-term presence at this stage involves the dangers of disrupting those efforts.
Trump’s comeback
Trump confirmed that he will not return to the Twitter platform, preferring to remain on his network, Truth Social
Twitter employees
Agrawal told employees, on Monday, that uncertainty surrounds the future of the company, according to Archyde.com news agency. He told them that Musk would join them in a question-and-answer session at a later time. When Agrawal was asked questions regarding Musk’s plans for the company, the prospects for layoffs, and the board’s justification for accepting the deal, he put off a lot of questions, believing they should be asked to Musk. However, he told employees that there are currently no plans to lay off workers.
According to the Wall Street Journal, Twitter employees’ interactions with Musk’s acquisition ranged from enthusiasm, fear and sarcasm. “This is a time of doubt and concern. Most of us believe that Twitter is more than just a technology platform; we have a great responsibility to the community. I hope the new owner understands that,” the official from Twitter’s Department of Community Health tweeted Monday.
In a series of tweets early Tuesday, founder and former CEO Jack Dorsey endorsed Musk’s “goal to create an utterly reliable and inclusive platform.”
Some expressed concern, and one told the Wall Street Journal that Twitter employees take the platform’s mission seriously, and that Musk’s vision conflicts with that mission. Minutes following the announcement of the deal, employees, via the internal “Slack” service, began saying that they were planning to resign, according to what some revealed to the American newspaper. Some asked what the deal would mean for LGBT (LGBT) employees.
The deal between Democrats and Republicans
In Washington, Republican lawmakers who have criticized the company for its content policies praised Musk’s takeover, while many Democrats said the acquisition showed billionaires wield too much power and should be brought under more scrutiny.
Prior to the takeover, Musk argued that censorship – not abusive behavior by users – was the company’s primary problem, a position conservatives also embrace. Others argue that strong content moderation, including bans and other penalties for users who break the rules, is necessary to curb misinformation and harassment.
Republicans applauded the takeover, while Democrats warned of it and called for the tech giants to be held accountable
Some Democrats have called for exorbitant taxes on billionaires, and have seen the dangers of concentrating power in their own hands. Democratic Senator Elizabeth Warren tweeted: “This deal is dangerous for our democracy. Billionaires like Elon Musk play by a different set of rules than anyone else, accumulating power for their own gain. We need a wealth tax and strong rules to hold the big tech companies to account.” Democratic Senator Chris Murphy said, “I’m not targeting Elon Musk personally. He owns a bunch of companies that are really useful to the world. But I think – in general – it’s bad that a handful of billionaires have so much control over our lives, whether they are good billionaires.” Or bad billionaires.