Twitter’s board of directors accepted Elon Musk’s offer to buy the social media company for $44 billion on Tuesday, and the billionaire will now own the company. The acquisition is likely to conclude in 2022, pending approval by Twitter’s stockholders.
Why did Elon Musk buy Twitter?
The $267 billion business tycoon Elon Musk has over 84 million Twitter followers and tweets several times per day. He insists that his takeover is driven by a desire to protect Twitter as a platform for free expression rather than censorship.
Posting and responding to messages, referred to as “tweets,” is a website feature. Non-registered users can only read the tweets available to everyone, but registered users can post, like, and retweet tweets.
Elon Musk is the world’s richest man who is a preacher of ‘free speech’ and intends to privatise the micro blogging platform to make it more democratic.” Twitter is one of the most popular social networking platforms largely used by journalists, actors, politicians, professionals, public figures, and others.”
Musk addressed his vision for the platform’s development during the TED-2022 conference. Elon Musk’s first post following the successful bid stated that he “looked forward to working with the company and the community of users” to unlock the Platform’s potential.
How will the Platform change for the Users?
Disclose Twitter’s Algorithm
Elon Musk is the biggest believer in making the algorithms of social media platforms open-source for the users to be able to see how they function. Making the algorithms open-source will let the users know how the algorithms influence the material they consume. They would be able to choose the algorithm that tends to affect the content they are provided. Although he has been unclear about what an open-source Twitter would imply, this would be one of his most important projects at Twitter.
- Edit Button Release
There are numerous arguments for and against Twitter having an edit feature. When Musk tweeted asking if users wanted an edit button,’ over 4 million people reacted, nearly three-quarters consenting; Twitter has correctly pointed out that such a feature could lead to abuse, given that Twitter is the social media platform where the majority of people get their news.
- Bots & Crypto Scams Elimination
Elon Musk seems to have been a vocal supporter of cryptos and various alternative digital coins. Regardless of the fact that Bitcoin and Ethereum mining is dangerous for the environment, he has been integral in Tesla becoming one of the first conventional car companies to accept cryptocurrency payments.
For crypto enthusiasts, Twitter is indeed the go-to forum. Regrettably, it is also home to some of the most prevalent cryptocurrency scams, of which Musk has personally been a victim. Musk recently stated on Twitter that if his acquisition bid is successful, “we will defeat the spam bots or die trying!” and “authenticate all real humans.” But in 2020, Elon Musk’s personal Twitter account was one of a number of high-profile accounts that were hijacked in order to promote an online hoax.
- Get Rid of Advertisements
On April 9, Musk criticized Twitter’s business model, saying, “And no ads. The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive ” Musk later deleted the tweet. There was also a decent possibility he’ll stick with a service like Twitter Blue, which costs $3 per month. In order to entice more users to sign up for Twitter Blue, he is also highly probable to add a few value-added facilities.
- Donald Trump Back?
Musk has not openly declared if he will reinstate former President Donald Trump’s suspended Twitter account. Nevertheless, his remarks about free speech have fueled speculation that Twitter, which he owns, may reinstate Trump, who’d been barred from the Platform on January 6, 2021. Having followed the riots on US Capitol Hill, Trump was barred from Twitter for “inciting violence among his supporters.” For the same reason, his Facebook and Instagram accounts were also suspended. On the other hand, Trump stated in a recent interview that he is unlikely to rejoin Twitter.