ELON MUSK has agreed to take control of the social networking site Twitter in a multi-billion-pound deal. But what changes can we expect from him?
Elon Musk, the US tech tycoon, sealed a $44 billion (£34.5 billion) buyout on Monday, less than two weeks after making a surprise bid. During his tenure as CEO, the 50-year-old has promised to unleash Twitter’s “tremendous potential.” So, what is Mr. Musk going to do with Twitter?
What will Tesla CEO do with Twitter?
In a statement announcing the agreement, Mr. Musk said
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
In recent weeks, he has called for a slew of platform improvements, from loosening content limits to removing bogus accounts.
Last March, he encouraged his fans to vote in a Twitter poll.
Free speech is essential to a functioning democracy.
Do you believe Twitter rigorously adheres to this principle?
— Elon Musk (@elonmusk) March 25, 2022
Mr. Musk has touted the idea of an “edit button” as a potential change for Twitter.
Do you want an edit button?
— Elon Musk (@elonmusk) April 5, 2022
Other recommendations include making Twitter’s algorithm public, and he has stated that if he takes over, the company’s board of directors will not be paid.
He tweeted: “Board salary will be $0 if my bid succeeds, so that’s ~$3M/year (approximately £2,354,385) saved right there.”
Meanwhile, observers are waiting to see if Mr. Musk can reintroduce ex-US President Donald Trump on the platform after he was permanently expelled in January 2021.
Though he hasn’t directly addressed Mr. Trump’s suspension, he has argued for platform “timeouts” rather than “permanent bans.”
Only a few weeks ago, it was disclosed that Mr. Musk had become Twitter’s majority shareholder, with a 9.2 percent stake.
He was then invited to join Twitter’s board of directors, but he declined before making a bombshell bid for the firm on April 14.
Twitter put in place a so-called “poison pill” to deter Mr. Musk’s interest.
If he tried to raise his ownership in the company, the system would have made it impossible for him.
Twitter’s stance evolved as Mr. Musk revealed further financial facts, including the fact that he acquired $25.5 billion (about £20.01 billion) in funding for the deal and will take a $21 billion (roughly £16.48 billion) share in the company.
At the moment, it is unclear who will lead the new company, which is now overseen by Parag Agrawal.
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