Tesla co-founder Elon Musk announced that he will take control of the social media platform – Twitter. Elon Musk will pay $44 billion to buy Twitter as he already holds a share valued $54.20. This is one of the biggest tech deals in the world. Under this deal Elon Musk wanted to unify Twitter.
He believed unifying Twitter will make the platform reliable and enhance the social platform. Changing the existing outlook and working of twitter will encourage more people to convey their thoughts which is of utmost importance.
Musk considers speech as one of the crucial societal rights which he wishes to maintain. Here is what Elon Musk wrote in his recent tweet.
In the tweet he confirms the takeover of the social media platform. It was also mentioned that Twitter will soon be upgraded with better features such as ‘Edit’ for rectifying typos.
In another tweet by Elon Musk he wished all his critics to remain on Twitter as he believes right to speech ought to be respected.
A complete timeline of the Elon Musk-Twitter saga.
Elon Musk earlier had a share of 9.2/stake which was the largest share. He then was asked to join the board, but he refused the offer and surprised everyone by announcing his will to take over the platform. To this, the board introduced the poison pill defence.
Twitter also made a strategy to refrain from its takeover which was the poison pill defense. Using his tactics Musk successfully took over the social media platform. The tech genius arranged the package of $46.5bn from his mixed bag of sources.
Event Timeline in brief –
- US regulators said someone should really monitor Elon Musk’s tweets
- Elon Musk tweets that he’s “giving serious thought” to building his own social media platform
- Elon Musk buys 9.2% share of Twitter on April 4th
- Elon Musk snags a board seat at Twitter the next day, April 5th
- In major reversal, Elon Musk will no longer be joining Twitter’s board, announced April 10
- A Twitter shareholder sues after Musk fails to promptly disclose his huge investment in Twitter
- Elon Musk offers to buy Twitter, the whole company, for $43 billion on April 14
- Elon Musk does an interview at TED hours after sending Twitter his big offer
- The following day, April 15th, Twitter’s board turns toward the defense everyone anticipated: the poison pill
- Elon Musk breaks down how he’d fund his $43 billion bid for Twitter
- Twitter said to be close to a deal with Elon Musk, April 25th
- Twitter accepts Elon Musk’s $44 billion acquisition offer, April 25th
What was the poison pill defence for hostile takeover of Twitter?
Twitter tried to come up with a strategy that would refrain Musk from taking over the social media platform. This defence would make Twitter more expensive and strenuous to take over. The main attribute of this strategy was the ‘limited duration shareholders right plan’ which is also called ‘poison pill’. However, the tech genius has already secured funding and even the board had to go in a negotiation with Musk.
Twitter to be sold to Musk: The Negotiation
The board agreed to sell Tweeter to Tesla’s co. Founder Elon Musk. Musk would give $43bn in cash for the social media platform.
Musk also announced that he will take Twitter private. In one of his recent tweets:
If our twitter bid succeeds, we will defeat the spam bots or die trying!
Elon Musk also announced that the social media platform will call for an authentication of identity. This was said after the deal was confirmed. Along with that Twitter will be upgraded and secured with new features such as that of an ‘Edit Button’. It is confirmed that this feature will surely be incorporated in the social media platform- twitter
How would Twitter Change with New Ownership?
Since the ownership of twitter is now of tech genius Elon Musk,some changes in the social media platforms are quite obvious. In interviews , tweets , statements and declarations ,Elon Musk has made certain changes in the Twitter quiet imperative.
- Adhering to Free Speech Rights and Introducing Content Moderators.
Elon Musk made it very clear in his tweets how he supports freedom of speech and considers it to be the soul of a society. He even requested his critics to remain on the platforms as it’s their right to exercise.These tweets made it clear that now Twitter won’t impose much restrictions on the users .At the same time freedom of speech does not mean offensive , illegal or obscene stuff. So in light of preserving the people’s right without causing harm to anyone, content moderators will be introduced on the platform.
- Introduction of Edit Button
New feature will be added to Twitter by introducing an edit button to correct the typo.This tweet was done to show how the feature enhances the working and accountability of the platform.
- Combating Cryptocurrency Scam
Musk is all set to root out the scam related to crypto currency. He thinks that these scammers are not and need to be fought. Musk himself faced this challenge where his account was hacked. This is what Elon Musk tweeted in light of finding ways to combat the scam. `Twitter is spending engineering resources on this bs while crypto scammers are throwing a spambot block party in every thread!?” Also, all authenticated human beings would be registered with the platform to avoid any kind of scams.
- New Twitter Algorithm
A month back Musk took this to Twitter that the algorithm of the platform should be open sourced .He believed it would keep things authentic without encryption. This will clearly show users what is the true state of anything that is being promoted without having backstage manipulations. This tweet of his was widely liked (83Kliked).
Conclusion:
Since many changes are being planned to incorporate in Twitter. We look forward to better social interactions and appropriate use of the platform.</p?
