The news is out! On Monday, Elon Musk sealed a 44 billion dollar cash deal to buy Twitter Inc (TWTR.N). The transaction will shift the world’s most influential social media platform, populated by more than 200 million users and global leaders, to the world’s richest person. Twitter’s shares rose 5% on Monday to $51.50 per share after news of the sale.
Musk is an active, prominent user of Twitter, with 83m followers. In early 2017, he tweeted to express his interest in buying the company.
Twitter users can now expect significant changes/upgrades in the near future. Musk has proposed several changes, including relaxing Twitter’s content restrictions, a dramatic reduction in fake and automated accounts, and changing Twitter’s advertising-based revenue model.
Elaborating on his goals, Musk stated to “make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spambots, and authenticating all humans.”
Musk also emphasized Twitter’s role in freedom of speech and its tremendous potential. “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk tweeted. “Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it,” he added.
Despite Musk’s stance on freedom of speech and claiming to be a “free speech absolutist,” Musk is famous for his contentiousness on the platform. He also reportedly blocks his critics and bullies reporters who criticize him or his company.
Musk tweeted on Monday, “I hope that even my worst critics remain on Twitter because that is what free speech means.”
People are also speculating reinstatement of high-profile Twitter accounts previously removed for community guidelines violations. Trump was banned permanently from Twitter in 2021; however, Trump has so far said he would not return to Twitter if his account were reinstated.
We will continue to report to you about Elon Musk’s Twitter-related news and updates.