What started out as a joke in a tweet reply back in 2017 became the ultimate resolve for the World’s youngest billionaire, Elon Musk.
This exchange continues to haunt me pic.twitter.com/W06oSqx0MR
— Dave Smith (@redletterdave) April 25, 2022
Dave Smith shared a screenshot of the conversation from 2017 indicating that it continues to haunt him.
Musk, founder of Tesla who calls himself a free speech absolutist, has officially bought Twitter’s algorithm which he objects to giving too much power on the service to corporations for advertisement.
Today, he has bought Twitter Inc for Sh5 trillion ($44billion) cash on Monday in a transaction that will see a change in control of the millions of users, the platform as well as worlds leaders and the wealthy.
Musk has criticized twitter’s moderation as he buys the 16 yr old company tagged the world’s most influential public square.
The move has heard conservatives amazed and cheering it as they look forward to fewer controls onwards while the human rights activists voice their fears for a rise in hate speech.
The sealing of the deal that went on in negotiations over the largest part of last week seemed uncertain as Twitter was under pressure with Musk commencing negotiations at sh 6270.94 ($54.20) per share price.
Buying Twitter, Elon has advocated for user-friendly tweaks to the service, such as an edit button and defeating “spambots” that send overwhelming amounts of unwanted tweets.
He stated that free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.
Former Twitter CEO Jack Dorsey weighed in on the deal later this Monday with a series of tweets that thanked both Musk and current Twitter CEO Parag Agrawal for what he termed as “getting the company out of an impossible situation.”
Even so, the offer is well below the Sh8099 ($70) range where Twitter was trading last year since it turns out that Twitter has been facing several challenges as of late.
“Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step,” he said.
Jonathan Boyar, managing director at Boyar Value Group, which holds a stake in Twitter, said that he thinks the company if would have been given more time to transform would have made a substantially more amount of money than what Elon offered for the deal seal.
Adding that in every aspect of the public markets does not value a company properly then an acquirer would eventually.
The move in this buyer ship simply continues on with the trend of billionaires buying control of influential media platforms that is following after Jeff Bezos’ move in acquiring the Washington Post back in 2013.
Musk, an innovator who is worth Sh31 trillion ($268 billion) according to Forbes, has said he is not primarily concerned with the economics of Twitter. As Twitter said Musk had secured (Sh2.9 trillion) $25.5 billion of debt and a margin loan financing and is as well providing Sh 2.4 trillion ($21 billion) equity commitment.
Speaking in a recent public talk, the Tesla founder remarked that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization. Implying that doesn’t necessarily care about the economics at all.
Musk is chief executive of both electric car maker Tesla Inc. and aerospace company SpaceX, and it is not clear how much time he will devote to Twitter or what he will do.
“Once the deal closes, we don’t know which direction the platform will go,” Agrawal told employees on Monday.
But he also said: “Tesla shareholders can’t be happy that Musk will have to divert even more attention away from winning the EV (electric vehicle) race.”
Still, Musk’s 84 million-strong Twitter account is seen as an important free public relations and marketing tool for Tesla.
The Twitter transaction was approved by the company’s board and is now subject to a shareholder vote. No regulatory hurdles are expected, analysts said.
After Twitter banned Trump over concerns around incitement of violence following the US Capitol attack by his supporters, Musk tweeted: “A lot of people are going to be super unhappy with West Coast high tech as the de facto arbiter of free speech.”
However, Trump whose company is building a rival to Twitter called Truth Social- said in a Fox News interview on Monday that he will not return to Twitter.