Elon Musk with his offer to buy Twitter has many wondering why and how it would change Twitter, a purchase that may not be so simple.
After Telsa chief executive Elon Musk offered to buy Twitter for about $US43 billion ($58 billion) just days after turning down an offer to join the social media company’s board, people are scratching their heads over his offer.
The Telsa chief with a net worth of $265 billion according to Forbes making him the world’s wealthiest person already owns 9 percent of the company but now wants to own it outright though most of his cash is tied up in Telsa and SpaceX stock, the richest man in the world with very little in his bank account, so people are even wondering how he would pay.
Over these last days, he shared a string of tweets revealing what was on his mind. See below:
Taking Twitter private at $54.20 should be up to shareholders, not the board
— Elon Musk (@elonmusk) April 14, 2022
Will endeavor to keep as many shareholders in privatized Twitter as allowed by law
— Elon Musk (@elonmusk) April 14, 2022
Will endeavor to keep as many shareholders in privatized Twitter as allowed by law
— Elon Musk (@elonmusk) April 14, 2022
i♥️u
— Elon Musk (@elonmusk) April 14, 2022
And even said I love you, showering love on his delighted fans!
The question rises whether Elon Musk is really aiming to take over Twitter – or just ‘trolling on a planetary scale?” Elon Musk spent $4 billion on Twitter shares, publicly criticized the company, and then declined a seat on the board. What just happened?
While Mr Musk said he had “sufficient assets” to complete the Twitter deal, he was ambiguous about the details. “I could technically afford it,” he said yet has not communicated how he was planning to pay for it though it is speculated he could sell some of his Tesla shares to raise money — which could hurt Tesla’s share price — or borrow against his stock holdings or He also could borrow on his stake in SpaceX.
Is Social Media Considering the Offer?
Twitter says it will decide whether accepting the offer is in the best interests of its shareholders and in a meeting called after Elon Musk’s offer went public, Twitter chief executive officer Parag Agrawal told staff the board was continuing to study Mr. Musk’s offer.
An anonymous source told Reuters that Parag Agrawal said Twitter was not being “held hostage” by the offer.
And if his offer does not go through, Mr. Musk may get rid of the Twitter shares he already owns. “My offer is my best and final offer, and if it is not accepted I would need to reconsider my position as a shareholder,” he said.
It is speculated that Mr Musk could still take over the company with a proxy fight by voting out the current directors.
People ask why Elon Musk wants to buy Twitter?
Basically, Elon Musk wants two things: Free speech and more transparency on Twitter.
Elon Musk wants to open up the “black box” of artificial intelligence technology propelling Twitter’s feed so there is more transparency about why some tweets go viral and others disappear.
“I wouldn’t personally be in there editing tweets,” he said, “but you would know if something was done to promote, demote or otherwise affect a tweet.”
“I’m not saying I have all the answers here, but I do think that we want to be just very reluctant to delete things and just be very cautious with permanent bans.”
“It won’t be perfect,” he said, but there should be a perception and reality that speech is “as free as reasonably possible”.
Elon Musk insists that his intent on buying Twitter was not because he wants to make more money from the social media platform, but expressed that Twitter presently is not living up to its potential as a “platform for free speech”.
“Having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization,” he said.
Twitter, like other social media platforms, suspends accounts for violating content standards, including violence, hate speech, or harmful misinformation.
Twitter has most notably suspended former US President Donald Trump.
Mr. Musk has described himself as a “free speech absolutist” but he has blocked Twitter users who question or disagree with him.
But he has asked for Twitter to crack down on spam accounts, which may suggest he wants more moderation.
He has proposed dropping ads from Twitter, but because that’s how Twitter makes money, it’s unclear if he would actually do that. He asked users if they want an edit button and took a Twitter vote on that. Most of the users want an edit button as revealed from that vote.
Mr. Musk has also suggested turning Twitter’s San Francisco headquarters into a homeless shelter.
His push for freedom of speech, thrust for stopping permanent selective bans on people, and pushing for a black box to analyze why some tweets go viral and others disappear are great steps toward more transparency and liberty on Twitter.
The Saudi Prince responds by saying he rejects Musk’s offer and Elon Musk reacts by saying, “Interesting. Just two questions, if I may. How much of Twitter does the Kingdom own, directly & indirectly? What are the Kingdom’s views on journalistic freedom of speech?” he asked in a tweet.
Musk in his Thursday offer to Twitter said the company needs to be transformed as a private one. He also said he would need to reconsider his position as a shareholder if his “best and final offer” is rejected.
Last year 2021, it was speculated that if Elon Musk was bringing Starlink, SpaceX satellite superfast internet to India in 2022, it might shake the Ambani empire