Twitter Is Now Owned By Elon Musk : World’s Richest Person

The guy who builds electric cars and is trying to go to mars is now officially a social media mogul it wasn’t easy Twitter’s board activated what’s known as a Poison Pill a way of trying to stop someone from acquiring the company by flooding the market with shares making a

buyout more expensive however the board warmed up to the idea of a takeover after he disclosed he secured 46.5 billion in financing according to the securities and exchange commission filing musk said he put in 21 billion in equity financing while banks including Morgan Stanley, Goldman and other firms around the world lined up another 25 and a half Billion in various forms of debt and margin loan financing this is greater than is offered to buy Twitter at $54.20Bill a share totalling approximately $44 Billion

He said that this was his best and final offer and if it didn’t work out he said he’d sell his 9% of stock. He currently owns and walk away well.

Twitter Is Now Owned By Elon Musk : World's Richest Person

Did Twitter’s Board Accepted his offer

Twitter’s board ended up accepting his original offer of $44 Billion the board then nixed the Poison Pill had they kept it in place it could have reinforced Musk’s argument that the board isn’t looking out for the interest of shareholders the board unanimously approved the sale twitter’s independent board chair said.

Twitter Is Now Owned By Elon Musk : World's Richest Person

Elon reportedly met with some shareholders in the hopes they could pressure the company and sway their decision he had hinted that he was even willing to circumvent the board by appealing to shareholders to sell their

stock directly to him known as a tender offer he alluded to the strategy tweeting

Potentially in reference to F Scott fitzgerald’s Novel tender is the night a couple of days before that he tweeted at the lyrics love me tender from elvis presley’s hit

So how will twitter differ now that musk is at the helm

he’s flirted with several changes from converting its san francisco Headquarters into a homeless shelter adding an edit button or amusing about changing the bird logo to a doge above all else musk says he wants twitter to become a public square for free speech in his original sec filing stating his desire to buy the social app.

Musk said twitter has potential to be the platform for free speech around the globe but doesn’t feel it is in its current state saying i now realize the company will neither thrive nor serve the societal imperative in his current form some have speculated that he’d reinstate Donald Trump’s twitter account which was shut down permanently over his tweets surrounding the 2021 capitol riots he apparently mused about buying.

Twitter in march according to the head of the Christian Satire

The Babylon Bee’s after the Bee got its twitter account suspended for naming transgender official Dr Rachel Levine as the man of the year after USA today named Dr Levine one of its women of the year conservatives have long accused the platform of discriminating against them in 2020 twitter blocked users from sharing a New York post article that was critical of hunter Biden the son of then presidential candidate Joe Biden twitter said the post violated its hacked materials policy then twitter CEO Jack Dorsey later said it was wrong to block the story crucial to musk’s vision is open sourcing twitter’s algorithm that decides which tweets get promoted or demoted in other words have it available for people to see and improve upon that way he says there won’t be any manipulation behind the scenes to push certain tweets in front of more eyeballs while de-emphasizing others Musk views Free speech as essential to a democracy.

He worries that there is too much censorship during a Ted Talk in April 14 he said speech should be as free as possible and that he’d err on the side of not removing controversial posts he feels the ideal policy for a social app is when the most extreme ten percent on the left and the right are equally unhappy but content moderation is very very difficult big tech companies spend billions of dollars reviewing millions of uploads each day

Former Reddit CEO Yeshuan Wong Warned Musk

Tesla CEO doesn’t fully understand the difficulty of content moderation and protecting Free Speech online he continued Elon is not going to fix some problems i’m absolutely sure of this he has no idea what he’s in for Wong argues that big platforms like Twitter have no choice but to censor because the web has grown so big that anyone can post anything anywhere at any time so it has to be moderated in some way.

he ended his long thread

Concluding Musk buying Twitter will hurt all of humanity by distracting him from his mission at SpaceX and Tesla because it’s going to suck up his time and damage his psyche Musk’s response to the novella of a thread as he called it he said

Elon’s Fans Over Twitter

His legion of die-hard fans might say don’t bet against him as for his critics and there are quite a few musk tweeted i hope that even my worst critics remain on twitter because that is what free speech means.

When he officially confirmed he wanted to buy the app that serves over 200 million daily users he said in the SEC Filing twitter has extraordinary potential adding i will unlock it at the core of any of Elon Musk’s ventures is a team of exceptional engineers trying to change the world.

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