California, Europe Brief News – On Monday (April 25), Tesla CEO Elon Musk announced the completion of a US$44 billion (S$60.4 billion) agreement to purchase Twitter, putting one of the most popular social media sites under the ownership of the world’s wealthiest man. This article shed light on the implications of Elon Musk buying Twitter.
The multi-billion-dollar transaction brings to a close a drama that has lasted several weeks between the outspoken entrepreneur and the social media behemoth after the disclosure earlier this month that Mr. Musk was aggressively accumulating a stake in the firm via regulatory filings.
Read More: BREAKING: Elon Musk Bought Twitter For $44 Billion
When governments and politicians pressure social media firms over their rules and the information on their platforms, the decision has sparked concerns about Twitter’s long-term viability. Let’s overlook implications of Elon Musk’s Buying Twitter.
Elon Musk and His Involvement with Twitter
Elon Musk is the CEO and creator of SpaceX, an American aerospace company. With the success of his businesses, Elon Musk has amassed a fortune of over US$260 billion, making him the world’s wealthiest man.
Mr. Musk is well-known for his frequent use of Twitter, has tweeted more than 17,500 times, and garnered a following of more than 80 million.
Online involvement has made him a contentious character on Twitter, where his posts have often been a source of controversy and even got him in legal difficulty with the United States government.
Although his supporters have welcomed his tweets on corporate choices and financial developments, he has been accused of leveraging his enormous following to influence stock prices and cryptocurrency markets.
Implications of Elon Musk Buying Twitter
Recently he showed interest in acquiring the social app for $44bn. Let’s look at the implication of his decisions. Parag Agrawal, who now runs Twitter, is unsure about what will happen after Musk takes charge. Former Twitter CEO Jack Dorsey gave way to Mr. Agrawal in November 2021.
“I don’t have faith in management,” Musk told Twitter’s board in his offer paper. After the purchase, Mr. Agrawal warned Twitter staff that the company’s future was unclear but that no layoffs were planned.
Regardless, Mr. Musk has long criticized Twitter’s standards and outlined ambitions for the social media network, even before announcing his desire to buy it.
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Musk’s Take on Twitter Use
With Mr. Musk planning to take Twitter private, the billionaire may be the sole decider of Twitter’s policy.
Aside from the platform’s content moderation procedures, Mr. Musk’s successful acquisition attempt has some wondering whether he would overturn earlier judgments.
Mr. Musk’s acquisition may impact global laws requiring social media sites to combat disinformation, online abuse, and other Internet evils.
It has been heavily disputed in recent years as authorities throughout the globe worked to combat false news, particularly those relating to the Covid-19 outbreak and geopolitics.
Governments have pressed Twitter and other platforms to stop foreign parties from influencing elections, leading social media firms to develop new detection methods.
