Economic Insider

Elon Musk is the New Owner of Twitter

MUSK FINAL

Now, Twitter is owned by Elon Musk. After several months of trepidation, the CEO of Tesla purchases the social media site for $44 billion.

Musk removed Parag Agrawal, the CEO of Twitter, and other company executives after the purchase. After declaring his intent to buy it last April, Musk tried to back out of the agreement. On Twitter, there are a colossal amount of bots, according to a whistleblower. So, Musk decided against buying it at first after learning this. As a result, he now controls one of the world’s most powerful social media platforms, despite his original plan being unsuccessful.

“This is not a way to make money. My strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization,” Musk said a few months ago.

A trial was nearly initiated had Musk not purchased the business. Thanks to the acquisition agreement, Musk and Twitter, fortunately, avoided going to court. However, experts are concerned about how the new CEO will approach the company’s operations in light of Musk’s firing of Twitter executives. However, Musk claims he already has plans for the business. Further discussion of free speech and fewer restrictions is also included.

Musk, for instance, wishes to get rid of Twitter’s rule and permanently ban accounts that repeatedly break it. Sadly, this results in previously banned accounts reappearing. Additionally, the Tesla CEO plans to crack down on bots by allowing a system of one account per person.

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Musk wants to make changes

Elon initially told the public he wanted to buy Twitter to stop bots. Customers loved the concept.

“Elon, the next step is the bots. Please. We are begging you,” a user said.

“All user accounts need a verified human behind it, can be anonymous to the public, but required and verified by twitter behind the curtain. Rid this world of Bots and trolls!” another user tweeted.

“I am looking forward to tweeting and not having 50 bot replies within the first 10 seconds,” added another.

Musk expresses additional worries about spam bots and fake accounts. He claims that the existence of these phony accounts prompted him to acquire Twitter.

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The primary reason

Musk sent out a tweet to sponsors that read:

“I wanted to reach out personally to share my motivation in acquiring Twitter. There has been much speculation about why I bought Twitter and what I think about advertising. Most of it has been wrong.”

“The reason I acquired Twitter is that it is important to the future of civilization to have a common digital town square where a wide range of beliefs can be debated in a healthy manner without resorting to violence. There is currently great danger that social media will splinter into far right wing and far left-wing echo chambers that generate more hat and divide our society.”

“In the relentless pursuit of clicks, much of traditional media has fueled and catered to those polarized extremes, as they believe that is what brings in the money, but, in doing so, the opportunity for dialogue is lost.”

“That is why I bought Twitter. I didn’t do it because it would be easy. And I didn’t do it to make more money. I did it to try to help humanity, whom I love. And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real responsibility.”

Photo Credit: Patrick Pleul/Twitter

Source: CNN

Opinions expressed by Economic Insider contributors are their own.

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