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What will Elon Musk do with Twitter?
Elon Musk, the richest man in the world with a net worth of more than
$273 billion, never seems to be out of the news.
On April 14th, 2022, Musk bought Twitter for $54.20 per share, making
Twitter a private company. He’s always had an interest in Twitter, and
at one point, he was even the largest shareholder, but apart from the
fact that Twitter is Musk’s favourite social media platform, why did he
buy it?
Well, it probably isn’t for the money. When you’re the richest man in
the world, I think you would have more profound ambitions.
Musk is said to have called Twitter the “de facto town square”, where
people can exchange ideas and debate on a level playing field. In fact,
he wants to make Twitter’s algorithm open source which implies, at least
in theory, that we’ll have an equal say and certain tweets won’t be
pushed in front of your eyes more than others.
Now, free speech is all well and good, but he’ll have to convince the
shareholders that Twitter can still make enough money.
And the shareholders don’t seem too happy about Musk’s apparent takeover.
They’ve come up with a “shareholders rights plan”, nicknamed “the poison
pill” that enables some shareholders to buy more shares in case Musk, or
another buyer, tries to take complete control.
Now, Musk has collected the $46.5 billion needed to complete the deal.
He’s putting in $21 billion of his own money and he’s borrowing the rest.
If this all goes though, what will happen to the platform? Will many
Twitter employees lose their jobs? Will Trump be allowed back? Will hate
speech, racism and sexism be allowed? I suppose we’ll just have to wait
and see.
One thing’s for sure, you can say what you like about Elon Musk, but
he’s never boring!
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