Musk begins his Twitter ownership
Big news! Elon Musk has taken ownership of one of the most popular social media apps Twitter Inc (TWTR.N). Not only that, he has taken some brutal actions toward the company, such as firing top executives. However, he gave an explanation of how he will achieve his goals related to the popular social media platform “Twitter.” [New York @ 28 Oct, 2022]
“The bird is freed,” he tweeted after he completed his $44 billion acquisition on Thursday, referencing Twitter‘s bird logo in an apparent nod to his desire to see the company have fewer limits on content that can be posted.
“Twitter obviously cannot become a free-for-all hellscape where anything can be said with no consequences!” Musk said in an open letter to advertisers on Thursday.
Musk has indicated he sees Twitter as a foundation for creating a “super app” that offers everything from money transfers to shopping and ride-hailing.
Elon Musk, CEO, Tesla Inc (TSLA.O), Self-Described Free Speech Absolutist, said,
“He wants to prevent the platform from becoming an echo chamber for hate and division.”
Other than this, he said he wanted to defeat “Spam Bots” on Twitter.
Moreover, he’ll set the algorithms so that the content can be presented to viewers after being examined properly.
He (Musk) hasn’t made it clear how all of these things will be completed and who’ll operate the firm yet. However, he spitted his idea out to fire people from the organization. 7,500 employees are already fired and have left out to find new jobs.
27 Thursday, Oct, 2022
Under all moments, he left some words like…
I did not buy Twitter to make more money but “to try to help humanity, whom I love.”
A poll that has been put on Blind Messaging App was made for polling, less than 10% of 266 Twitter employees participated in it, and hoping to get back to work in 3 months. Blind Messaging Apps, users can air their corporal thoughts anonymously after signing up with corporate emails.
Chief Executive Officer Parag Agrawal, Chief Financial Officer Ned Sagal, and Legal Affairs and Policy Chief Vijaya Gadde were kicked out of the firm. They were accused of misleading Musk and Twitter Investors with fake accounts on the platforms.
Agrawal and Segal were in Twitter’s San Francisco headquarters when the deal closed and were escorted out.
Musk, Rocket Company SpaceX,
is thinking of becoming Twitter’s interim CEO. This statement follows the information provided by a person familiar with the matter and following an earlier report by Reuters.
According to Bloomberg, Elon has planned to put a permanent ban on users citing a familiar with the matter. Well, all of them, “Twitter, Musk, and Executive,” didn’t reply to requests for comment.
‘CHIEF TWIT,’ Wednesday, Musk
Before he has done with the deal, he walked into Twitter’s headquarters with a big grin and a porcelain sink, and tweeted, “Let that sink in.” Afterward, he changed his Twitter Profile Description to “Chief Twit.”
I would reverse Twitter’s ban on Donald Trump, whose account was removed after the attack on the U.S. Capitol. Trump’s Representative didn’t reply immediately to a Reuters request. However, Former U.S. President said he wouldn’t return to the platform. Rather than that, he launched his own social media app “Truth Social.” Musk tried to calm the employee who got afraid of losing their jobs.
|Comments on Twitter
“I will be happy to leave in a heartbeat if Musk, well, acts as we all expect him to,” said a user with the @mustlovedogsxo account.
“In Europe, the bird will fly by our EU rules,” EU industry chief Thierry Breton tweeted on Friday morning.
European Regulators warned
Under Musk’s leadership, Twitter must still abide by the region’s Digital Services Act, which levies hefty fines on companies if they don’t control unlawful content.
European Parliament lawmaker and civil rights proponent Patrick Breyer suggested people look for alternatives where privacy is a priority.
“Twitter already knows our personalities dangerously well due to its pervasive surveillance of our every click. Now, this knowledge will be falling into Musk’s hands.”
The firm is struggling to engage the most active users vital to the business. These “heavy tweeters” account for less than 10% of overall monthly users but generate 90% of all tweets and half of global revenue.
It started on 4 Apr, 2022. Musk owned a 9.2% Twitter Stake, and became the company’s largest shareholder. Afterward, he agreed to join Twitter’s board, with an offer to buy the company instead for $54.20 per share.
One weekend in April, both sides reached a deal without Musk carrying out due diligence on the company’s confidential data.
Following that, Musk had second thoughts. Twitter’s spam accounts came into the spotlight, and Musk’s lawyers accused Twitter of avoiding his requests for data on the subject.
On July 8, Musk telling told Twitter, he was canceling the deal. Four days later, Twitter sued Musk to force him to complete the acquisition.
Twitter accused Musk of buyer’s remorse, arguing he wanted to leave the deal incomplete because he thought he overpaid. Most legal analysts thought Twitter would likely prevail in court.
On Oct. 4, Musk performed another U-turn, offering to complete the deal as promised. He managed to do that just one day ahead of the deadline to avoid going to trial.
Twitter shares ended trade on Thursday up 0.3% at $53.86, just under the agreed price. The stock will be delisted from the New York Stock Exchange on Friday.
Susannah Streeter, Analyst, Hargreaves Lansdown,
Musk will face a challenge building revenue “given that the controversial opinions he appears to want to give more of a free rein to are often unpalatable to advertisers,”
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